| Credit rating agencies | Rating | Outlook |
|---|---|---|
| Moody's | A2 | Negative |
| Standard & Poor's | AA- / A-1+ | Negative |
Moody's[ www.moodys.com 
], that affirm the credit rating at A2, recognises the improvement in the financial profile of the company and its capacity to maintain the key ratios, although, despite this, it maintains a negative outlook owing to a more fragile macroeconomic environment, as reflected by the recent downgrading of Spain's rating.
Standard & Poor's[ www.standardandpoors.com ], that affirms the credit rating at AA- long-term and A-1+ short-term, understands that after the downgrading of Spain's rating from AA to AA- with a negative outlook, the fiscal, political, financial and regulatory risks associated to the company have been increased, although it recognises that it does not see any evidence nor adverse change resulting from the deterioration of sovereign credit.