On Jan. 19, 2009, Standard&Poor's Ratings Services lowered its long-term sovereign credit ratings on the Kingdom of Spain to 'AA+' from 'AAA', as we believe that current economic and financial market conditions have highlighted structural weaknesses in the Spanish economy that are inconsistent with a 'AAA' rating. At the same time, the 'A-1+' short-term ratings on the Kingdom were affirmed. The outlook is stable. With these actions, Standard&Poor's removed the ratings from CreditWatch negative, where they were placed on Jan. 12, 2009. The downgrade also applies to those institutions with ratings linked to the sovereign. As a result, the 'AAA' long-term ratings on Instituto de Credito Oficial (ICO), Sociedad Estatal de Participaciones Industriales (SEPI), and Corporacion
