Mapfre S.A. has made significant progress toward rebuilding capitalization to a level more supportive of the ratings. We are revising our outlooks on Mapfre S.A. and related core subsidiaries to stable from negative. We are affirming our ratings on Mapfre S.A. and related core subsidiaries. On July 31 2009, Standard&Poor's Ratings Services 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
