On July 2, 2007, Standard&Poor's Ratings Services lowered its long-term counterparty credit rating on Spain-based insurance holding company Mapfre S.A. to 'A+' from 'AA-'. At the same time, Standard&Poor's lowered its long-term rating on the €275 million 10-year senior unsecured debt issued in 2001 by Mapfre S.A.'s predecessor holding company, Corporación Mapfre S.A., and now held by Mapfre S.A., to 'A+' from 'AA-'. The outlook is stable. The rating action reflects the Mapfre group's growth and acquisition strategy, which is viewed as more aggressive than previously, albeit that it is more conventional relative to that of other major European insurance groups. Until now, Standard&Poor's has applied a nonstandard single-notch rating differential between the Mapfre
