Ratings

This page details the ratings awarded to the Company by the following credit rating agencies: Dominion Bond Rating Service (henceforth "DBRS"), Fitch Ratings España, S.A. (henceforth "Fitch"), Moody's Investors Service España, S.A. (henceforth "Moody's"), Standard & Poor's (henceforth "Standard & Poor's") Gesellschaft für Bonitätsbeurteilung mbH (henceforth “GBB-Rating”) and Scope Ratings (henceforth “Scope”).

Table of Ratings by Agency
Agency Long Term Short Term Outlook Reports

DBRS

A (Alto) R-1 (Medio) Stable April 2018 pdf 86 Kb December 2017 pdf 249 Kb November 2016
pdf 204 Kb
Fitch A- (Senior A) F2 (Senior F1) Stable

July 2019 pdf 2314 kb

July 2019 (2) pdf 2314 kb

September 2018 Covered Bonds pdf 287 Kb March 2018 Covered Bonds  pdf 292 Kb
Moody's A2 P-1 Stable October 2019 pdf 1268 Kb September 2018 Covered Bonds (1) pdf 116 Kb September 2018 Covered Bond (2) pdf 672 Kb
Standard & Poor's A A-1 Stable September 2019 pdf 1280 Kb April 2018 pdf 308 Kb March 2018 pdf 571 Kb
JCR Japan A+ - Stable Noviembre 2019 pdf 367 Kb
September 2019 pdf 317 Kb October 2018 pdf 291 Kb
Scope AA- S-1+ Stable September 2019 pdf 317 Kb March 2018 pdf 298 Kb April 2017 pdf 383 Kb
GBB Rating AA- - Stable  May 2018 pdf 209 Kb    
Axesor A+ - Stable December 2018 pdf 747 Kb    

The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.

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:

Agencia Moody's Standard & Poors Fitch DBRS
Investment Category Aaa
Aa
A
Baa
AAA
AA
A
BBB
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
BB
B
CCC
CC
C

Moody's assignes numeric modifiers 1, 2 and 3 to each generic ratings classification from Aa through B. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of that generic rating category.

Standard & Poor's applies a plus (+) or minus (-) sign in categories AA through CCC to show relative standing within the major rating categories.

Fitch applies these same signs from the AAA category. The short term debt rating categories used by these agencies are as follows:

Moody's Standard & Poors Fitch DBRS
Prime-1
Prime-2
Prime-3
A-1
A-2
A-3
B
C
F1
F2
F3
B
C
R-1
R-2
R-3
R-4
R-5


Standard & Poor's and Fitch both apply a plus sign (+) within the categories A-1 and F1.

These credit ratings do not constitute a recommendation to buy, sell or subscribe to the bonds issued by the Company. The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.

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.