We have defined four debt write-off scenarios to analyze the measure’s impact on each region’s debt burden. We think a debt write-off for rated Spanish normal-status regions will either have a neutral or positive effect on our ratings depending on the magnitude of the debt absorption. For the most indebted regions, for which the change will be credit positive, the reduced tax-supported debt will not imply a structural change to debt burdens but will provide relief to regions interest burden.