Ratings


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
Outlook
A-
F2
Stable
9 Nov 2018
Moody’s Long Term
Short Term
Outlook
A2
P1
Stable
17 Apr 2018
Standard & Poor’s Long Term
Short Term
Outlook
A-
A-2
Stable
6 Apr 2018

The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.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

The long term debt rating categories used by the aforementioned agencies are as follows:

Category  Moody’s  Standard & Poors Fitch
Investment Category Aaa
Aa
A
Baa
AAA
AA
A
BBB
AAA
AA
A
BBB
Especulative Category Ba
B
aa
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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