Fitch Affirms Historical Territory of Alava at 'A'; Outlook Stable

(The following statement was released by the rating agency)

BARCELONA, September 02 (Fitch) Fitch Ratings has affirmed the

Historical

Territory of Alava's Long-Term Foreign and Local Currency Issuer

Default Ratings

(IDRs) at 'A' with Stable Outlook. Fitch has also affirmed the

province's

Short-Term Foreign Currency IDR at 'F1'. The ratings on the

senior unsecured

outstanding bonds have been affirmed at 'A'.

The affirmation reflects Alava's strong socio-economic profile,

sound fiscal

perf

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