Research Update: Sociedad Estatal de Participaciones Industriales Rating Raised To 'A-' After Same Action On Spain; Outlook Positive

We raised our unsolicited long-term sovereign credit rating on Spain to 'A-' from 'BBB+' on March 23, 2018. 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 raising the long-term issuer credit rating on SEPI to 'A-' from 'BBB+' and affirming the short-term rating at 'A-2'. The positive outlook on SEPI reflects that on Spain. On March 26, 2018, S&P Global Ratings raised its long-term issuer credit rating on the Spanish government's holding company Sociedad Estatal de Participaciones Industriales (SEPI) to 'A-' from 'BBB+'. At the same time, we

...We raised our unsolicited long-term sovereign credit rating on Spain to 'A-' from + '###+' on March 23, 2018. 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 raising the long-term issuer credit rating on SEPI to 'A-' + from '###+' and affirming the short-term rating at 'A-2'. The positive outlook on SEPI reflects that on Spain. +...

Research Update