We revised our outlook on the Kingdom of Spain to positive from stable on March 31, 2017. We equalize our ratings on Sociedad Estatal de Participaciones Industriales (SEPI) with those on Spain, reflecting our opinion that SEPI would receive timely and sufficient extraordinary support from the Spanish government in the event of financial distress. Consequently, we are revising our outlook on SEPI to positive from stable and affirming our 'BBB+/A-2' ratings. The positive outlook on SEPI reflects that on Spain. On April 5, 2017, S&P Global Ratings revised its outlook on Sociedad Estatal de Participaciones Industriales (SEPI) to positive from stable. We also affirmed our 'BBB+/A-2' long- and short-term issuer credit ratings on SEPI. The outlook revision on SEPI reflects
