In our view, the deterioration of creditworthiness of the Kingdom of Spain (AA-/Negative/A-1+) heightens the "country risk" for the Spain-based insurers and reinsurers, Mapfre Global Risks, Compania Internacional de Seguros y Reaseguros S.A., and Mapfre Re Compañía de Reaseguros S.A., regarded as core operating entities in the Mapfre Group (defined below). We are therefore lowering our long-term rating on each of the above-named core operating entities to 'AA-' from 'AA' and our long-term rating on the Mapfre Group's holding company, Mapfre S.A., to 'A' from 'A+'. The outlook on each of these ratings remains negative. We are revising to negative our outlook on the ratings on Mapfre USA Corp., Commerce Insurance Co., and Citation Insurance Co, regarded as strategically important
