Our recent downgrade of the Kingdom of Spain (AA/Negative/A-1+) in our opinion has an adverse impact on the credit quality of Spain-based insurer and reinsurer Mapfre's investment portfolio, because over 70% of the group's assets are based in Spain. We are revising our outlooks to negative from stable on Mapfre and its related core operating subsidiaries. We are affirming our 'A+' long-term rating on Mapfre and our 'AA' long-term ratings on the company's core operating subsidiaries. The negative outlook reflects the negative outlook on Spain and our view of the potential weakening in Mapfre's investment portfolio if we were to lower the sovereign rating further. On May 3, 2010, Standard&Poor's Ratings Services revised its outlooks on Spain-based reinsurer
