Welcome and Opening Remarks

• Marta Zurita Bermejo, MD, Global Business Development, Morningstar DBRS
• Alan G. Reid, GMD, Global Head of Fundamental Ratings, Credit Ratings Leadership, Morningstar DBRS

Sovereign Outlook: Spain’s Positive Credit Rating Trend

• European macro-economic outlook
• The Positive trend on Spain’s credit ratings
• Spain’s fiscal policy with its challenges and political drama
• The new financing system for Catalonia that could have higher costs for the State

Speakers:

• Nichola James, MD, Global Sovereign Ratings, Morningstar DBRS 
• Jorge Espinosa, AVP, Global Sovereign Ratings, Morningstar DBRS 
• Jason Graffam, SVP, Global Sovereign & Financial Institution Ratings, Morningstar DBRS 

Corporate Outlook – Tepid Growth Leads to Overall Stability 

• Why protectionism and geopolitical risks remain key in 2025 
• How lower interest rates will impact the issuance activity in 2025 
• Key drivers for profit margin development
• A closer look at key sectors including autos, capital goods and consumer durables
• Private credit risks and opportunities for midmarket corporates

Speakers:

• Amaury Baudouin, SVP, Sector Lead, European Corporate Ratings
• Anke Rindermann, MD, European Corporate Ratings, Morningstar DBRS 
• Cristina Ramirez, VP, Sector Lead, Corporate Ratings, Private Credit & Credit Estimates, Morningstar DBRS 

Data Centres – Market Dynamics, Capital Strategies, and ESG 

• Recent trends in Europe including transaction volumes, supply-demand dynamics, and key players
• The crucial role of capital markets for medium term growth
• An analysis of the structured finance methodology and the role it plays in the business risk assessment of the corporate RE methodology
• The importance of awareness and actions by data centres data centres on ESG concerns

Moderator: Anke Rindermann, MD, European Corporate Ratings, Morningstar DBRS

Speakers:

• Mirco Iacobucci, SVP, Sector Lead, European Commercial Real Estate Ratings, Morningstar DBRS
• Rodrigo de la Viuda, MD, DC Advisory
• Marcos Garcia Gonzalez, Partner, M&A, Cuatrecasas
• César Ruipérez Cassinello, Director, Corporate Development, Iberdrola

2025 Financial Institutions Credit Outlook

• Elisabeth Rudman, MD, Global Financial Institution Ratings, Morningstar DBRS

Sustainability of Spanish Banks’ Profitability and Asset Quality

• The impact of the housing market on banks: Are we facing another bubble?
• Insights into sustaining profitability with falling rates
• Drivers of potential asset quality deterioration in 2025
• Key regulatory developments and consolidation trends

Moderator: Marcos Alvarez, Managing Director, Global Financial Institution Ratings, Morningstar DBRS 

Speakers:

• Gerardo Artiach, Director de Gestión Financiera y Relación con Inversores, Banco Sabadell
• Maria Jesus Parra Chiclano, VP, European Financial Institution Ratings, Morningstar DBRS
• Ricardo Sanz-Ramos, Advisor, Asociación Española de Banca

Questions and Closing Remarks

• Alvaro Manzano, VP, Business Development, Morningstar DBRS