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

 October 2020 (2) pdf 353 Kb

October 2020 pdf 51 Kb

January 2020 pdf 584 Kb April 2018 pdf 86 Kb
Fitch A- (Senior A) F2 (Senior F1) Negative

October 2020 (2) pdf 427 kb

October 2020 pdf 45 kb

June 2020 pdf 47 kb

March 2020 pdf 72 kb

Moody's A2 P-1 Stable October 2020 pdf 1200 Kb April 2020 pdf 1200 Kb October 2019 pdf 1268 Kb
Standard & Poor's A A-1 Negative
August 2020 pdf 1400 Kb April 2020 pdf 113 Kb September 2019 pdf 1280 Kb
JCR Japan A+ - Stable November 2020 pdf 416 Kb
November 2019 pdf 367 Kb September 2019 pdf 317 Kb
Scope AA- S-1+ Stable September 2019 pdf 317 Kb March 2018 pdf 298 Kb April 2017 pdf 383 Kb
GBB-Rating AA- - Negative  May 2020 pdf 800 Kb May 2019 pdf 705 Kb May 2018 pdf 209 Kb
Axesor A+ - Stable December 2019 pdf 593 Kb  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The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.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.