We raised our ratings on Spain to 'BBB+/A-2' from 'BBB/A-2' on Oct. 2, 2015. 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. We therefore equalize our issuer credit ratings on SEPI with those on Spain. Consequently, we are upgrading SEPI to 'BBB+/A-2' from 'BBB/A-2'. The stable outlook on SEPI mirrors the outlook on Spain. On Oct. 6, 2015, Standard&Poor's Ratings Services raised its long- and short-term issuer credit ratings on Sociedad Estatal de Participaciones Industriales (SEPI), the holding company that manages the Spanish government's industrial shares, to 'BBB+/A-2' from
