In our view, Spain's commitment to the ongoing implementation of a comprehensive fiscal and structural reform agenda remains strong. We are therefore affirming our long- and short-term sovereign credit ratings on Spain at 'BBB+/A-2'. The outlook on the long-term rating is negative, reflecting our view of the multiple risks to Spain's economic rebalancing, the potential for the crystallization of additional contingent liabilities, and the effectiveness of the eurozone policies in stabilizing funding markets. Our current net general government debt projections reflect our assumption that official loans to distressed Spanish financial institutions will eventually be mutualized among all eurozone governments, and thus Spanish net general government debt would remain below 80% of GDP beyond 2015. On Aug. 1, 2012, Standard&
