Occasional Papers. 2619. The deleveraging process of Spanish non-financial corporations in the period 2007-2024
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Occasional Paper analysing, firm by firm, the sharp reduction in the indebtedness of Spanish non-financial corporations between 2007 and 2024. For the median firm, leverage falls from 47% to 7% within three years between its peak and subsequent trough, alongside higher liquidity and profitability.
Key points
- The adjustment is larger for small, young firms and those with higher credit risk at the peak.
- It is consistent with both credit supply constraints and corporate decisions to gain financial flexibility.
Who is affected
Non-financial corporations, credit institutions and analysts.
Plain-language version
A Bank of Spain study looks at how Spanish companies cut their debts sharply between 2007 and 2024. For a typical firm, debt fell from 47% to 7% in just three years, while cash on hand grew. Small and young companies made the biggest adjustments.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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