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      Instrument data
      Issuer
      INSTITUTO DE CREDITO OFICIAL
      Senority
      Senior Unsecured
      Currency
      BRL
      ISIN
      XS3087685627
      Coupon percent
      12.56%
      Coupon type
      Fixed:Pay only at Maturity
      Instrument volume
      1,416,000,000
      Maturity date
      17/05/2027
      -
      A Outlook: Positive
      A Outlook: Positive
      Latest change
      Outlook/trend
      05/12/2025
      General information
      Rating
      Public
      Solicited
      With issuer participation
      UK endorsed
      EU Rated
      Carlo Capuano Lead analyst
      Alvise Lennkh-Yunus Committee chair
      Scope affirms Instituto de Crédito Oficial at A and revises the Outlook to Positive

      5/12/2025 Rating announcement EN

      Scope affirms Instituto de Crédito Oficial at A and revises the Outlook to Positive

      Explicit guarantee, strong integration with the public sponsor and robust standalone fundamentals support the rating. The Outlook revision of Spain’s rating, to which ICO’s ratings are aligned, drives the Outlook change.

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      Scope affirms and publishes ICO’s long-term ratings at A with a Stable Outlook

      28/2/2025 Rating announcement EN

      Scope affirms and publishes ICO’s long-term ratings at A with a Stable Outlook

      The ratings are aligned with the Kingdom of Spain’s rating, reflecting the explicit, irrevocable, unconditional, and direct guarantee provided by the state on all of ICO’s liabilities.

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      Date Title