Following a review of Spain-based mutual insurer FIATC under our revised insurance criteria, we are affirming our 'BBB-' ratings on the company. The ratings reflect our view of FIATC's moderately strong financial risk profile and fair business risk profile, which result in a 'bbb' anchor, and are constrained by the company's exposure to Spanish sovereign risk. The negative outlook mirrors that on Spain, incorporating FIATC's substantial exposure to Spain, and indicating that any rating action on the sovereign could lead to a similar action on FIATC. On June 19, 2013, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term counterparty credit and insurer financial strength ratings on Spain-based insurer FIATC, Mutua de Seguros y Reaseguros a Prima Fija y Sociedades
