Rating tables by Agency

This page details the ratings awarded to the Company by the following credit rating agencies: Fitch Ratings España, S.A., Moody’s Investors Service España, S.A. and Standard & Poor’s.

The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.

These credit ratings do not constitute a recommendation to buy, sell or subscribe to the bonds issued by the Company.

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.

These ratings have been confirmed by these three agencies as follows: Standard & Poor's on 4 March 2009 (negative outlook), Fitch on 26 June 2009 (stable outlook) and Moody's on 30 July 2009 (negative outlook). The long term debt rating categories used by the aforementioned agencies are as follows: