Result

SAN SPA

5.505 | 1.19% | 17:35

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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 Negative Outlook	BBB+ F2	11.06.12
Moody's	Long Term Short Term Negative Outlook	Baa2 P2	24.10.12
Standard & Poor's	Long Term Short Term Negative Outlook	BBB- A-3	23.11.12

The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.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 23 November 2012 (negative outlook), Fitch on 11 June 2012 (negative outlook) and Moody's on 24 October 2012 (negative 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

Moody's
S&P
Fitch

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