On March 18, 2022, we revised our outlook to stable from negative and affirmed our 'A/A-1' long- and short-term foreign and local currency sovereign credit ratings on Spain. We equalize our ratings on Sociedad Estatal de Participaciones (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 therefore revised our outlook to stable from negative and affirmed our 'A/A-1' long- and short-term issuer credit ratings on SEPI. On March 22, 2022, S&P Global Ratings revised its outlook on Sociedad Estatal de Participaciones Industriales (SEPI), the Spanish government's holding company, to stable from negative. At the same time, we affirmed our 'A/A-1' long-
