LONDON (Standard&Poor's) Oct. 17, 2011--Standard&Poor's Ratings Services today lowered the insurer financial strength and long-term counterparty credit ratings to 'AA-' from 'AA' on the operating entities (Mapfre Global Risks, Compania Internacional de Seguros y Reaseguros S.A., and Mapfre Re Compañía de Reaseguros S.A.) that we regard as core to Spain-based Mapfre insurance group (Mapfre Group). At the same time, we lowered the long-term counterparty credit rating on Mapfre Group's holding company, Mapfre S.A. to 'A' from 'A+'. The outlook on the ratings on Mapfre S.A. and the entities in the Mapfre Group remains negative. We also lowered our long-term ratings on the junior subordinated debt of Mapfre S.A. to 'BBB+' from 'A-'. We revised to negative
