On Jan. 12, 2009, Standard&Poor's Ratings Services placed its 'AAA' long-term foreign and local currency sovereign credit ratings on the Kingdom of Spain on CreditWatch with negative implications. A CreditWatch listing signals a potential but not inevitable change in a rating over the short term. The 'A-1+' short-term ratings were affirmed. The CreditWatch placement 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 de Reservas Estrategicas de Productos Petroliferos (CORES) have been placed on CreditWatch with negative implications. The 'A-1+' short-term ratings have been affirmed. The 'AAA' long-term ratings on two Spanish regions, Autonomous Community
