LONDON (Standard&Poor's) March 17, 2011--Standard&Poor's Ratings Services today corrected an error relating to the outlook on its 'mxAAA' long-term CaVal (Mexico) national scale issue rating on the Mexican pesos (MXN) 1.5 billion notes due 2018, issued by Iberdrola Finanzas S.A.U. and guaranteed by Iberdrola S.A. (A-/Negative/A-2). The rating on the notes reflects the unconditional and irrevocable guarantee of payment provided by Iberdrola. On Dec. 10, 2010, due to a data error, we incorrectly revised the outlook on the 'mxAAA' long-term CaVal (Mexico) national scale issue rating to negative from stable. This occurred at the time we revised the outlook on Iberdrola and subsidiaries to negative. Today's press release corrects this error and revises and reinstates the
