MILAN (S&P Global Ratings) March 14, 2025--S&P Global Ratings has reviewed the ratings and outlooks on the EMEA sovereign, regional, and local governments scheduled for March 14, 2025. The rating/outlook on the following entities were affirmed or changed and we published a research update. The rating action reports are publicly available on each entity's page on www.spglobal.com/ratings and, for subscribers of the S&P Capital IQ platform, by clicking on the relevant hyperlink below. Botswana Saudi Arabia Spain Sundsvall (Municipality of) We performed Semi-Annual Reviews of the credit ratings on the following entities. In a Semi-Annual Review, S&P Global Ratings reviews current credit ratings against the latest issuers/issues performance data as well as any recent market developments. For EMEA sovereign, regional,