On Sept. 12, 2025, S&P Global Ratings raised its unsolicited rating on Spain to 'A+' from 'A'. The outlook is stable. We equalize our ratings on Sociedad Estatal de Participaciones Industriales (SEPI) with the ratings on Spain because we view SEPI as a government-related entity with an almost certain likelihood of receiving extraordinary government support in a scenario of financial distress. We therefore raised our long-term issuer credit rating on SEPI to 'A+' from 'A' and affirmed the 'A-1' short-term issuer credit rating. The stable outlook mirrors that on Spain. On Sept. 16, 2025, S&P Global Ratings raised its long-term issuer credit rating on Sociedad Estatal de Participaciones Industriales (SEPI) to 'A+' from 'A'. The outlook is stable. The 'A-1'
