Unlike France or the Netherlands, Why Did Spain Refuse to Establish

Unlike France or the Netherlands, why did Spain refuse to establish a formal alliance with the American colonies during the American Revolution?

A) The Spanish feared the threat that the United States would pose to New Spain after gaining independence.
B) The Spanish had already entered into a military alliance with Britain in exchange for the return of Florida.
C) The Spanish monarchy opposed any threat to another European monarchy.
D) Spain believed that supporting an outnumbered Continental Army was a waste of financial resources.