Moody's report said "Catalan independence.....>

SPAIN: Moody's report said "Catalan independence would have broad negative,

albeit highly uncertain, credit implications for a wide range of bond issuers in

Spain and the region." 

- It said "although Moody's central view is that Catalunya will remain part of

the Kingdom of Spain and will not become an independent state, the situation is

fluid and such an outcome cannot be ruled out over the longer term."

- "Despite heightened tensions between the Catalan regional government and the

central Spanish authorities, our central scenario remains that Catalunya will

continue to be part of the Kingdom of Spain," said Colin Ellis, Moody's Mg Dir

and report co-author. "However, if over the longer-term Catalunya were to become

independent, this would have broad credit implications for a wide range of debt

issuers. Spain would still have significant credit strengths and would likely

remain an investment grade credit following Catalan independence, at least in

the near-term."