We believe that insurance group Mapfre's more cautious growth strategy, reduction in exposure to Spanish life savings activity, and increase in reinsurance cover will allow the group to consolidate its current strong financial risk profile. We continue to consider Mapfre to be resilient to a hypothetical Spanish default scenario. We are therefore affirming the long-term ratings on the group's core operating subsidiaries at 'A' and on Mapfre S.A. at 'BBB+'. The stable outlook reflects our view that Mapfre's diversified geographic and business mix and its prudent capital management will shelter it from volatile markets and weak conditions in Brazil, and that exposure to Spanish assets will remain within the threshold to pass our sovereign stress test. On July 11, 2016,
