On Sept. 20, 2019, we raised our unsolicited long- and short-term sovereign credit ratings on Spain to 'A/A-1' from 'A-/A-2'. 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. We are therefore raising to 'A/A-1' from 'A-/A-2' the long- and short-term issuer credit ratings on SEPI. The stable outlook on SEPI mirrors the outlook on Spain. On Sept. 24, 2019, S&P Global Ratings raised to 'A/A-1' from 'A-/A-2' its long- and short-term issuer credit ratings on Sociedad Estatal de Participaciones Industriales (SEPI), the Spanish government's holding company. The outlook is stable. The
