Spain’s King Juan Carlos, 2nd left is kissed by Queen Sofia, left in the presence of Spain's Crown Prince Felipe, 3rd left and Princess Letizia after he signed an abdication law during a ceremony at the... (Associated Press) 
 
 Spain’s King Juan Carlos, left, signs an abdication law in the presence of Queen Sofia, Spain's Crown Prince Felipe and Princess Letizia during a ceremony at the Royal Palace in Madrid, Spain, Wednesday... (Associated Press) 
 
 Spain's Queen Sofia, left stands with Spanish Crown Prince Felipe, 2nd left, King Juan Carlos, 3rd left, and Princess Letizia during a ceremony at the Royal Palace in Madrid, Spain, Wednesday June 18,... (Associated Press) 
 
 Spain's Crown Prince Felipe, centre right , embraces his father, Spain’s King Juan Carlos in the presence of Queen Sofia, left and Princess Letizia after he signed an abdication law during a ceremony... (Associated Press) 
 
 Queen Sofia, left, Spain’s King Juan Carlos, 2nd left, Spain's Crown Prince Felipe, 3rd left and Princess Letizia stand during a ceremony where King Juan Carlos signed an abdication law at the Royal... (Associated Press) 
 
 Prime Minister Mariano Rajoy, left shakes hands with Spain’s King Juan Carlos after he signed an abdication law during a ceremony at the Royal Palace in Madrid, Spain, Wednesday June 18, 2014. Madrid (CNN) -- Flanked by his family and before Spain's Parliament, Felipe VI was formally proclaimed the new King of Spain Thursday, following the abdication of his father, Juan Carlos. During most of his reign, the monarch was held in high esteem for his role in helping steer the country from military dictatorship to democracy. He took over the throne in 1975, two days after the death of longtime dictator Gen. Francisco Franco, and then endeared himself to many by making army rebels stand down during an attempted military coup in 1981. But his popularity took a hit in 2012 over a controversial elephant-hunting trip to Africa while the nation was mired in a deep economic crisis. Another scandal saw Juan Carlos' youngest daughter, Princess Cristina, testify this year in the fraud and money-laundering case engulfing her husband, the Olympic handball medalist turned businessman Inaki Urdangarin. Felipe spoke of the need for a monarch to unify his country and to work with its political leaders, a message with added significance at a time when many in the country's Catalonia region want a referendum on independence.
– Spain's Prince Felipe became King Felipe VI at midnight as the abdication of his father, King Juan Carlos, became official. The occasion was fairly low-key, with no foreign heads of state present and no huge state banquet, which the palace says was "in keeping with the criteria of austerity that the times recommend," the AP reports. The 46-year-old king was later proclaimed head of state in a parliamentary ceremony where he promised to be a monarch "who is ready listen and understand, warn and advise as well as to defend the public interest at all times," the BBC reports. The new king spoke of the need to "look ahead to the Spain we are building together as I begin this reign," reports CNN, which notes that while the monarchy remains popular in Spain, the royal family has been accused of corruption and excess during the country's economic crisis—and Juan Carlos' image suffered after he went on a luxurious elephant-hunting trip in the middle of the recession. Felipe and his wife, who is now Queen Letizia, will be driven through the streets of Madrid before appearing at the palace but they may find that many Spaniards aren't in the mood for cheering: The country's soccer team, which won the World Cup in 2010, crashed out of the tournament last night with a 2-0 loss to Chile.