Mapfre Insurance Group Core Entities Downgraded To 'BBB+' Following Downgrade Of Spain; On CreditWatch Negative Oct 12
- Language: English
- Published: October 2012
- Region: Spain
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On June 3, 2004, Standard & Poor's Ratings Services affirmed its 'AA-' long-term counterparty credit and insurer financial strength ratings on Spain-based reinsurer Mapfre Re Compa--a de Reaseguros, S.A. (Mapfre Re) and U.S.-based subsidiary Mapfre Reinsurance Corp. (MRC). The outlook on both entities is stable. The ratings on Mapfre Re reflect the company's strong and improving operating performance, increasingly strong competitive position in the Spanish-speaking world, and extremely strong capitalization. Offsetting these positive factors is the company's exposure to sovereign risk in Latin America. The ratings on Mapfre Re and MRC also factor in the implied financial support provided by Spanish insurance group Sistema Mapfre (the Mapfre group), and reflect their status as strategically important subsidiaries of Spain-based insurer Mapfre...
Companies mentioned in this report are: Mapfre Re, Compania de Reaseguros, S.A.,Mapfre Reinsurance Corp.,Mapfre S.A.,Musini, S.A. de Seguros y Reaseguros,Mapfre Mutualidad de Seguros y Reaseguros a Prima Fija
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Mapfre Re, Compania de Reaseguros, S.A.,Mapfre Reinsurance Corp.,Mapfre S.A.,Musini, S.A. de Seguros y Reaseguros,Mapfre Mutualidad de Seguros y Reaseguros a Prima Fija