PARIS (Standard&Poor's) Dec. 11, 2001--Standard&Poor's today withdrew its double-'A'-minus insurer financial strength rating on Corporacion Mapre S.A. (formerly Corporacion Mapfre Compañia Internacional de Reaseguros S.A.). The rating withdrawal follows the withdrawal of the company's license to write reinsurance business. At the same time, the single-'A'-plus long-term counterparty credit and senior unsecured debt ratings on the company were affirmed on account of its principal role as the listed holding company of the mutualist Sistema Mapfre (Mapfre Group, the main operating entities of which are rated AA-/Stable/--). Until recently the company wrote a modest amount of reinsurance business; henceforward, its exclusive role will be as a holding company, while the reinsurance business will remain concentrated in its subsidiary
