On May 23, 2014, Standard&Poor's raised its long- and short-term sovereign credit ratings on Spain to 'BBB/A-2' from 'BBB-/A-3'. The outlook is stable. The prospects for stronger economic growth and a gradual recovery in employment growth in Spain could contribute to restoring the financial strength of the corporate and household sectors, and ultimately reduce credit risk for banks. We maintain a positive view of the economic risk trend for the Spanish banking system. We are affirming our 'B+/B' long- and short-term counterparty credit ratings on Spain-based NCG Banco S.A. (NCG). Despite our view of improving prospects for stronger economic growth in Spain, the outlook on NCG remains negative because we consider that its financial profile is still under
