On Sept. 18, 2020, we revised our outlook on Spain to negative from stable and affirmed the 'A/A-1' unsolicited long- and short-term sovereign credit ratings. We equalize our ratings on Sociedad Estadal de Participaciones (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. We are therefore revising our outlook on SEPI to negative from stable and affirming the 'A/A-1' long- and short-term issuer credit ratings. On Sept. 22, 2020, S&P Global Ratings revised the outlook on Sociedad Estatal de Participaciones Industriales (SEPI), the Spanish government's holding company, to negative from stable. At the same time, we affirmed our 'A/A-1' long- and short-term
