Extremely strong interest coverage derived from very strong operating performance Diversified income streams from insurance, reinsurance, financial services, real estate, and related services subsidiaries in Spain and 42 other countries Low levels of group debt relative to peers Structural subordination of creditors to policyholders of the Mapfre group's operating entities The 'A+' long-term counterparty credit rating on Spain-based Mapfre S.A. (formerly Corporación Mapfre) reflects its status as the holding company for the Mapfre insurance group (the Mapfre group or Mapfre), of which core operating entities include Mapfre Re Compañía de Reaseguros, S.A. (Mapfre Re; AA/Stable/--) and Mapfre Empresas, Compañía de Seguros y Reaseguros, S.A. (Mapfre Empresas; AA/Stable/--). Positive stand-alone rating factors for Mapfre S.A. are its strong debt-servicing ability, strongly
