-- We are placing our 'BBB+' corporate credit rating on ultimate parent
Iberdrola S.A. on CreditWatch with negative implications, which reflects the
potential for a downgrade if we lower the rating on Spain to speculative grade.
-- On Oct. 10, 2012, we lowered our sovereign ratings on the Kingdom of
Spain to 'BBB-/A-3'. The outlook remains negative.
-- We consider that Spain-based utility Iberdrola has "high" exposure to
domestic country risk as it derived about 47% o
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