On April 15, 2008, Standard&Poor's Ratings Services assigned its 'BBB-' long-term counterparty credit and insurer financial strength ratings to Spain-based mutual insurer FIATC, Mutua de Seguros y Reaseguros a Prima Fija. The outlook is stable. The ratings reflect FIATC's good operating performance, adequate capitalization, and good competitive position. These factors are offset by our marginally negative view of corporate strategy and the company's weak risk management controls. Major rating factors: Prospectively good operating performance. After posting satisfactory performances in previous years, FIATC recorded a remarkable improvement in 2007, with bottom-line results increasing by more than 300% to €25 million chiefly on the back of tightened claims settlement controls and a portfolio clean-up. Adequate capitalization. Capital adequacy strengthened in
