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DBRS changes trend on Spain

DBRS on April 8 confirmed Spain's A (low) long-term foreign-and local-currency issuer ratings and changed the trend to stable from positive.

The rating agency also confirmed Spain's R-1 (low)short-term foreign- and local-currency issuer ratings, with a stable trend.

The change in trend reflects the inability of the mainpolitical parties to form a coalition government following general elections onDec. 20, 2015, as well as the risk that a new government, when established,will roll back labor market reforms and fiscal consolidation measures.