In our view, there is an almost certain likelihood that Sociedad Estatal de Participaciones Industriales (SEPI), the holding company that manages the Spanish government's industrial shares, would receive timely and sufficient extraordinary support from the Spanish government, if needed. We therefore equalize our issuer credit ratings on SEPI with those on Spain. We are affirming our 'BBB+/A-2' ratings on SEPI. The stable outlook on SEPI mirrors the outlook on Spain. On Oct. 20, 2015, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' long- and short-term issuer credit ratings on the Spanish government-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI). The outlook is stable. We equalize our 'BBB+' long-term rating on SEPI with that on the Kingdom of Spain (BBB+/Stable/A-2).
