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Rating tables by Agency

This page details the ratings awarded to the Company by the following credit rating agencies: Fitch Ratings España, S.A., Moody’s Investors Service España, S.A. and Standard & Poor’s.

 Agency Rating Name

  Concept 

 Ratings Awarded

  The Latest Update

 Fitch

 Long Term
Short Term
Stable Outlook

A-
F2

 24.11.16

 Moody's

Long Term 
Short Term
 Stable Outlook

A3
P2

22.02.16

 Standard & Poor's

Long Term
Short Term
Stable Outlook

BBB+ 
A-2

 02.12.15


The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.

These credit ratings do not constitute a recommendation to buy, sell or subscribe to the bonds issued by the Company.

The aforementioned credit ratings are only an estimation and should not prevent potential investors in bonds issued by the company from undertaking their own analysis of the Company or the bonds it issues.

These ratings have been confirmed by these three agencies as follows: Standard & Poor's on 2 December 2015 (stable outlook), Fitch on 24 November 2016 (stable outlook) and Moody's on 22 February 2016 (stable outlook). The long term debt rating categories used by the aforementioned agencies are as follows:

 Agency Rating Name

 Moody's

 Standard & Poors

 Fitch

Investment Category

 Aaa 
 Aa  
 A 
 Baa 

AAA
AA
A
BBB

AAA
AA
A
BBB 

Especulative Category

Ba
B
Caa
Ca
C

  BB
B
CCC
CC
C

 BB
B
CCC
CC
C


The short term debt rating categories used by these agencies are as follows:

Moody's 

Standard & Poors

 Fitch

Prime-1
Prime-2

Prime-3

A-1
A-2

A-3
B
C

F1
F2
F3
B
C

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