Note: The rating scores and financial strength rating in the graphic above relate to Mapfre Re, the group's core operating entity. The stable outlook is based on our expectation that the group will continue to navigate the current macroeconomic and capital market uncertainties, profiting from strong geographic and business line diversifications. We also expect the group will keep its capital position comfortably at least at the 99.80% level, according to our capital model, backed by sound earnings that support Mapfre's growth and dividend targets. While unlikely at this time, we could consider downgrading the group over the next 24 months if: Capitalization declined on a prolonged basis below our 99.80% confidence level threshold, based on our capital model. This could
