We think that there is an almost certain likelihood that Metropolitano de Tenerife S.A (Metrotenerife), a government-related entity of the Cabildo de Tenerife (CIT), would receive extraordinary government support if needed, given its critical role and integral link with its owner. We do not believe CIT's creditworthiness could be above Spain's; nor do we think that Metrotenerife's creditworthiness could be stronger than that of CIT, from which it receives ongoing support. We therefore affirmed our long- and short-term issuer credit ratings on Metrotenerife at 'A/A-1'. The stable outlook mirrors that on Spain. On Oct. 31, 2022, S&P Global ratings affirmed its 'A/A-1' long- and short-term issuer credit ratings on Spain's Metropolitano de Tenerife S.A. (Metrotenerife). The outlook is stable. We
