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      Instrument data
      Senority
      Senior Unsecured
      Currency
      BRL
      ISIN
      XS3257723109
      Coupon percent
      11.67%
      Coupon type
      Fixed:Pay only at Maturity
      Instrument volume
      1,353,500,000
      Maturity date
      15/12/2027
      -
      A Outlook: Positive
      A Outlook: Positive
      Latest change
      New
      15/01/2026
      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.

      Date Title