...+ We expect Mapfre's earnings will improve from restructuring measures to address underperformance, as well as the group's potential buy-out of part of the activities it currently conducts in partnership with its banking partner in Brazil. + On March 23, 2018, we raised our unsolicited long-term sovereign rating on Spain to 'A-' and assigned a positive outlook. + As a result, we consider that industry and country risk for Spain's property/casualty insurance sector has reduced, along with Mapfre's credit risk, given the amount of government bonds in its fixed income investments. + We are therefore revising the outlook on the group's core operating entities and holding company to positive from stable, and are affirming our ratings on them. + The positive outlook reflects our view that we could upgrade the entities if the group sustainably improves its return on equity, notably through increased profits from operations in Latin America, the U.S., and Europe....
