Good and improving capitalization. Good operating performance, underpinned by stable underwriting. Marginal reserving. The ratings on Spanish composite insurer FIATC, Mutua de Seguros y Reaseguros a Prima Fija, reflect its good and improving capitalization and good operating performance, in Standard&Poor's Ratings Services view, underpinned by stable underwriting in the face of adverse market conditions in Spain. We see the company's marginal reserving as offsetting these factors. We consider FIATC's capitalization as good; it continues to benefit from the retained earnings surplus, along with direct annual contributions of 2.5% of gross premiums written (GPW) to the company's mutual fund. According to Standard&Poor's risk-based capital model, FIATC's capital adequacy is good. Furthermore, we view quality of capital as
