...Sovereign Support Drives Ratings: Instituto de Credito Oficial's (ICO) Issuer Default Rating (IDR) and Government Support Rating reflect Fitch Ratings' view of a very high probability of support for ICO from the Spanish sovereign, its 100% owner. The equalisation of ICO's IDR with Spain's is underpinned by the bank's special policy role and the explicit, irrevocable, unconditional and direct guarantee provided by Spain for debts and obligations incurred by ICO when raising funds. The Stable Outlook on ICO's Long-Term IDR mirrors that on Spain. No Viability Rating: Fitch does not assign a Viability Rating to development banks because their operations are largely determined by their policy role. Policy Bank: ICO's purpose is to support and foster economic activities that contribute to the growth and promotion of the Spanish economy and social development. The Spanish government exerts influence over ICO's lending activity and operations, appoints the bank's chair and sets the annual debt...
