Fitch affirms Iberdrola

Fitch Ratings said it affirmed Iberdrola, SA's long-term issuer default rating at A- and short-term issuer default rating at F2. Fitch also said it affirmed the ratings of Scottish Power Ltd., a fully-owned subsidiary of Iberdrola, at the same levels, along with Iberdrola International BV, Iberdrola Finanzas, SAU and Iberdrola Finance Ireland Ltd.'s senior unsecured ratings at A, commercial paper rating at F2 and AAA(mex) national long-term rating for its Mexican certificados bursatiles program.

The outlook is stable.

The ratings reflect its solid business model, with a geographically diversified business mix across the vertically integrated electricity supply chain, Fitch said.

The ratings also are supported by Iberdrola's strong generation mix, with a significant proportion of power generated by "emission-free light" energy sources - nuclear, hydro, wind and combined-cycle gas turbine technologies, the agency said.

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