Extremely strong capitalization, reflected in extremely strong capital adequacy and low levels of group debt; Very strong operating performance providing extremely strong interest coverage; Very strong competitive position in Spain and Latin America; and Diversified income streams from insurance, reinsurance, financial services, real estate, and related services subsidiaries in Spain and 38 other countries. Possible regulatory restrictions on capital flows from group operating subsidiaries to holding company. The 'AA-' long-term counterparty credit rating on Spain-based Corporación Mapfre S.A. reflects its status as the intermediate holding company for Spanish insurance group Sistema Mapfre (the Mapfre group or Mapfre), of which the principal operating entity is Mapfre Mutualidad de Seguros y Reaseguros a Prima Fija (Mapfre Mutualidad; AA/Stable/--). The rating on Corporación
