Research Update: Mapfre Re Upgraded To 'AA' On Core Status; Outlook Stable; U.S. Subsidiary Outlook To Negative Jul 06
- ID: 1713022
- July 2006
- Region: United States
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
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On July 18, 2006, Standard & Poor's Ratings Services raised its long-term counterparty credit and insurer financial strength ratings on Spain-based reinsurer Mapfre Re Compa--a de Reaseguros, S.A. (Mapfre Re) to 'AA' from 'AA-'. The outlook is stable. At the same time, Standard & Poor's revised its outlook on Mapfre Re's U.S.-based subsidiary, Mapfre Reinsurance Corp. (MRC), to negative from stable, and affirmed its 'AA-' long-term counterparty credit and insurer financial strength ratings on the company. The upgrade of Mapfre Re reflects Standard & Poor's view of the company's increased importance to Spanish insurance group Sistema Mapfre--the Mapfre group or Mapfre--as determined by Mapfre Re's size relative to the group as a whole. As a result, Mapfre Re is now...
Companies mentioned in this report are: Mapfre Re, Compania de Reaseguros, S.A.,Mapfre Reinsurance Corp.,Mapfre S.A.,Mapfre Mutualidad de Seguros y Reaseguros a Prima Fija,Mapfre Global Risks, Compania Internacional de Seguros y Reaseguros S.A.
Action: Outlook: Negative
Action: Outlook: Stable
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