In our view, Spain's commitment to the implementation of a comprehensive fiscal and structural reform agenda remains strong. We are therefore affirming our long- and short-term sovereign credit ratings on Spain at 'BBB-/A-3'. The outlook on the long-term rating remains negative, reflecting the potential for a downgrade if political support for the current reform agenda wanes, the budgetary position significantly deteriorates, or if eurozone policies falter in stabilizing Spain's funding costs. On June 14, 2013, Standard&Poor's Ratings Services affirmed its long- and short-term sovereign credit ratings on the Kingdom of Spain at 'BBB-/A-3'. The outlook on the long-term rating remains negative. Our 'BBB-' long-term sovereign credit rating on Spain is supported by our view of its diversified and
