On March 31, 2017, we revised our outlook on Spain to positive from stable and affirmed our long-term sovereign credit rating at 'BBB+'. The ratings on Spanish insurer FIATC reflect the company's stand-alone characteristics and are not constrained by the sovereign rating on Spain. Although a potential uplift of the Spanish sovereign rating might have a positive impact on the credit quality of FIATC's investment portfolio, our view of the company's overall financial strength would not automatically be affected by such an improvement. We are therefore affirming our 'BBB+' ratings on FIATC. The outlook remains stable, reflecting our expectation that the insurer will continue to benefit from its leading position in Catalonia and its very strong capital adequacy. On April
