On Sept. 12, 2025, S&P Global Ratings raised its unsolicited sovereign long-term issuer credit rating on Spain to 'A+' from 'A'. The outlook is stable. We consider Metropolitano de Tenerife S.A. (Metrotenerife) is a government-related entity of Cabildo de Tenerife (CIT; local government) and believe Metrotenerife would almost certainly receive extraordinary support from the cabildo in case of financial distress. 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 the cabildo, from which it receives ongoing support. Therefore, we raised our long-term ratings on Metrotenerife to 'A+' from 'A'. On Sept. 19, 2025, S&P Global Ratings raised its long-term issuer credit rating on Metrotenerife to 'A+'
