LONDON (Standard&Poor's) July 31 2009--Standard&Poor's Ratings Services said today that it revised its outlooks on Spain-based Mapfre S.A. (Mapfre) and related core subsidiaries (Mapfre Empresas, Compania de Seguros y Reaseguros, S.A. and Mapfre Re Compañía de Reaseguros, S.A.) to stable from negative. At the same time, we affirmed our 'A+' counterparty credit rating on Mapfre and our 'AA' long-term counterparty credit and insurer financial strength ratings on Mapfre's core operating subsidiaries. The ratings and outlook on Mapfre's Massachusetts-based subsidiary Commerce Group Inc. (Commerce; BBB/Stable/--), including its insurance subsidiaries Commerce Insurance Co. and Citation Insurance Co. (MA) (both rated A/Stable/--) are unchanged. The ratings reflect the group's very strong operating performance, very strong competitive position in Spain
