Research Update: Sociedad Estatal de Participaciones Industriales Downgraded To 'A/A-1' Following Action On Spain; Outlook Negative Jan 12
- Language: English
- Published: January 2012
- Region: Spain
Standard & Poor's Ratings Services bases its long-term rating on Sociedad Estatal de Participaciones Industriales (SEPI), the Spanish state's vehicle for managing its industrial holdings, on that on the Kingdom of Spain (AA-/Watch Neg/A-1+). This reflects our opinion that there is an "almost certain" likelihood that the Spanish government would provide timely and sufficient extraordinary support to SEPI in the event of financial distress. We consider SEPI to be a government-related entity (GRE). In accordance with our criteria for GREs, our rating approach is based on our view of SEPI's: "Integral" link with the Spanish government. The government tightly controls and supervises SEPI, determining its key strategic and budgetary decisions--including its operating and investment plans, purchase or sale of shares,...
Companies mentioned in this report are: Sociedad Estatal de Participaciones Industriales (SEPI)
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Sociedad Estatal de Participaciones Industriales (SEPI)