Catalonia, Autonomous Community of: Rating Report

DBRS Ratings GmbH (DBRS Morningstar) upgraded the Long-Term Issuer Rating of the Autonomous Community of Catalonia (Catalonia) to BBB (low) from BB (high) and Catalonia's Short-Term Issuer Rating to R-2 (low) from R-4. At the same time DBRS Morningstar changed the trend on all ratings to Stable from Positive.