Ratings Agency, DBRS commented upon the.......>

SPAIN: Ratings Agency, DBRS commented upon the Catalan Regional Elections last

Friday, writing "DBRS does not currently foresee another unilateral declaration

of independence. Given the likelihood of a weaker pro-independence coalition

government and the failure of the pro-independence parties to win a majority of

the votes, a lower-intensity struggle is now more likely."

- DBRS believes that Spain's central government stance will be crucial to

determine whether there will be open dialogue with any new Catalan government

coalition government. The extent of dialogue will be crucial for determining a

reduction of tension. "DBRS will, therefore, continue to closely monitor the

situation in the next few weeks as the discussions on forming a new regional

government unfold"