Metropolitano de Tenerife S.A (Metrotenerife), the only provider of rail public transport on the Spanish island of Tenerife, continues to see a recovery in passenger numbers post-pandemic and plans to expand its service coverage. We believe there is an almost certain likelihood that Metrotenerife would receive extraordinary support from its government owner, the Cabildo Insular de Tenerife, if needed. We 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, 2023, S&P Global Ratings affirmed its 'A/A-1' long- and short-term issue credit ratings on Metropolitano de Tenerife S.A. (Metrotenerife). The outlook is stable. The stable outlook mirrors that on Spain (unsolicited, A/Stable/A-1). We could lower our rating on
