On Nov. 29, 2013, we revised the outlook on our 'BBB-/A-3' sovereign credit ratings on the Kingdom of Spain to stable from negative. As a result, we are revising the outlook on our 'BBB-' ratings on Spanish insurer FIATC to stable from negative. We are also affirming our ratings on FIATC at 'BBB-'. Under our criteria, even though FIATC's indicative stand-alone credit profile is 'bbb', the ratings are limited by the sovereign local currency rating on Spain, the country where the insurer has its domicile and a material concentration of exposure. The stable outlook reflects that on Spain. On Dec. 2, 2013, Standard&Poor's Ratings Services revised the outlook on FIATC, Mutua de Seguros y Reaseguros a Prima Fija
