Standard&Poor's believes that Spain will continue to adhere to its front-loaded budgetary strategy and implement structural reforms, although the enduring economic and financial weaknesses will likely continue to weigh on the current ratings. We are affirming our 'AA/A-1+' sovereign ratings on the Kingdom of Spain. The negative outlook reflects the possibility of a downgrade if Spain's fiscal position deviates materially from the government's target and its economic and financial vulnerabilities persist. MADRID (Standard&Poor's) Feb. 1, 2011--Standard&Poor's Ratings Services said today that it has affirmed its 'AA' long-term and 'A-1+' short-term sovereign credit ratings on the Kingdom of Spain. The outlook remains negative. The 'AAA' transfer and convertibility assessment is unchanged. "The ratings on Spain
