Research Update: Spain-Based Insurance Group Mapfre's Core Entities Affirmed At 'A'; Outlook Positive

Spanish insurance group Mapfre benefits from a sizable and internationally diversified insurance portfolio, leading competitive positions in large markets such as Spain and Brazil, and overall sound capital adequacy. We believe Mapfre is implementing a strategy focused on consolidating positions in its major markets and enhancing profitability in markets that the group has entered more recently. We are affirming our 'A' ratings on Mapfre's core subsidiaries. We are also affirming our 'BBB+' ratings on Mapfre S.A. and its senior unsecured debt and our 'BBB-' issue rating on Mapfre S.A.'s subordinated debt. The positive outlook indicates that we could raise the ratings in the next 6-12 months if we saw a continued focus on, and evidence of, improving operating performance, while

...+ Spanish insurance group Mapfre benefits from a sizable and internationally diversified insurance portfolio, leading competitive positions in large markets such as Spain and Brazil, and overall sound capital adequacy. + We believe Mapfre is implementing a strategy focused on consolidating positions in its major markets and enhancing profitability in markets that the group has entered more recently. + We are affirming our 'A' ratings on Mapfre's core subsidiaries. We are also affirming our '###+' ratings on Mapfre S.A. and its senior unsecured debt and our '###-' issue rating on Mapfre S.A.'s subordinated debt. + The positive outlook indicates that we could raise the ratings in the next 6-12 months if we saw a continued focus on, and evidence of, improving operating performance, while the group's overall financial risk profile remains strong....

Research Update