Spanish Autonomous Community of Galicia's First Inflation-Linked Bond Assigned 'AA-' Rating Oct 06

Standard & Poors, October 2006

Abstract
MADRID (Standard & Poor's) Oct. 20, 2006--Standard & Poor's Ratings Services said today that it assigned its 'AA-' senior unsecured debt rating to the Spanish Autonomous Community of Galicia's (AA-/Positive/A-1+) upcoming €350 million 10-year inflation-linked bond to be sold by Nov. 9, 2006. The issue is included within Galicia's budgeted borrowings for 2006, and will be used to finance part of the region's investment program. Interest payments and redemption of the principal will be adjusted to the Eurozone harmonized index of consumer prices (HICP) excluding tobacco. The rating on the proposed issue is the same as the long-term issuer credit rating on the region, which reflects Galicia's healthy and resilient financial performance, prudent management, and modest and decreasing debt burden....

Companies mentioned in this report are:
- Galicia (Autonomous Community of)
- Champagne-Ardenne (Region of)

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Galicia (Autonomous Community of)
- Champagne-Ardenne (Region of)

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