On March 18, 2022, we revised our outlook on Spain to stable from negative. We consider Metropolitano de Tenerife S.A (MTSA) a government related-entity of the Cabildo de Tenerife (the local government), and believe MTSA would almost certainly receive extraordinary support from the Cabildo in case of financial distress. We do not believe the cabildo's creditworthiness could be above Spain's, nor do we think that MTSA's creditworthiness could be stronger than that of the cabildo, from which it receives ongoing support. We therefore revised our outlook to stable from negative and affirmed our long- and short-term issuer credit ratings at 'A/A-1' on MTSA. On April 1, 2022, S&P Global Ratings revised its outlook on Metropolitano de Tenerife S.A (MTSA) to
