This report supplements our research update "Ratings On Spain Affirmed At 'BBB-/A-3'; Outlook Negative," published on June 14, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. Our 'BBB-' long-term sovereign credit rating on Spain is supported by our view of its diversified and prosperous economy, and the government's ongoing implementation of a comprehensive financial, fiscal, and structural reform agenda. The rating is constrained by our view of the high external leverage in Spain's economy, as well as its relatively low medium-term economic growth prospects and residual inflexibilities such as its
