Reminder: S&P updates its rating for........>

RATINGS: Reminder: S&P updates its rating for Spain after the US close this

evening.

S&P rate Spain BBB+ with a positive outlook that was applied in March this year.

A positive outlook opens the possibility of an upgrade in the next 24 months. 

- Anne Karina Asbjorn at Nomura writes that while the macro-economic conditions

for an upgrade are in place "At the margin, we think a status quo decision is

more likely than an upgrade (60/40% probability)". She cites S&P saying that an

upgrade assumes a "general continuity in policymaking with the current

government and that political development in Catalonia will not weaken consumer

confidence"

- S&P's BBB+ rating for Spain is equal to Fitch's rating and one notch above

Moody's Baa2.