We raised our ratings on Spain to 'BBB' from 'BBB-' on May 23, 2014. The ratings on Spanish insurer FIATC are no longer limited by the ratings on Spain, and we have now equalized them with our indicative stand-alone credit profile on the company. We are therefore raising our ratings on FIATC to 'BBB' from 'BBB-'. The stable outlook reflects that on Spain and our expectation that FIATC will maintain its business and financial risk profiles at their current levels over the next two years. On May 30, 2014, Standard&Poor's Ratings Services raised to 'BBB' from 'BBB-' its long-term counterparty credit and insurer financial strength ratings on Spain-based insurer FIATC, Mutua de Seguros y Reaseguros a Prima Fija
