Overview Credit context and assumptions Base-case expectations --There is an almost-certain likelihood of timely and sufficient extraordinary central government support to SEPI in the event of financial distress. --SEPI will continue to play a crucial role for the Spanish government. -- SEPI is under direct control of Spain?s central government, with a board that is mostly composed of senior government officials. --Some participated companies require regular support, which we expect SEPI to provide partly through an increase in debt. --The company is highly strategic for the Spanish state and economy, given its responsibility to manage state holdings in strategic companies. --As the economy recovers, we expect a gradual improvement in SEPI?s budgetary results and a stabilization of its debt. --
