Madeira, Autonomous Region of: Rating Report

DBRS Ratings GmbH (DBRS) confirmed the Long-Term Issuer Rating of the Autonomous Region of Madeira (Madeira) at BB and Short-Term Issuer Rating at R-4. At the same time, DBRS changed the trend on the Long-Term Issuer Rating to Positive from Stable; the trend on the Short-Term Issuer Rating remains stable.