OVERVIEW 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. Based on the above, and also taking into account recent bank-specific developments, we are raising the ratings on four Spanish banks and five subsidiaries, revising the outlook to positive or stable on another five institutions, and maintaining our stable outlook on one bank and
