Research Update: Spanish Insurer FIATC Ratings Affirmed At 'BBB+' After Sovereign Upgrade; Outlook Stable

On March 23, 2018, we raised the unsolicited long-term sovereign credit rating on Spain to 'A-' from 'BBB+', and assigned a positive outlook. As a result, we consider that industry and country risk for Spain's property/casualty insurance sector has improved to low from intermediate. We believe that these events are beneficial for the business and financial risk profiles of Spanish insurer FIATC Mutua de Seguros y Reaseguros a Prima Fija y Sociedades Filiales (FIATC), but do not trigger an automatic upgrade. We are therefore affirming our 'BBB+' ratings on FIATC. The outlook remains stable, reflecting our expectation that FIATC will continue to benefit from its leading position in Catalonia and its very strong capital adequacy. On March 27, 2018, S&P

...+ On March 23, 2018, we raised the unsolicited long-term sovereign credit rating on Spain to 'A-' from '###+', and assigned a positive outlook. + As a result, we consider that industry and country risk for Spain's property/casualty insurance sector has improved to low from intermediate. + We believe that these events are beneficial for the business and financial risk profiles of Spanish insurer FIATC Mutua de Seguros y Reaseguros a Prima Fija y Sociedades Filiales (FIATC), but do not trigger an automatic upgrade. + We are therefore affirming our '###+' ratings on FIATC. + The outlook remains stable, reflecting our expectation that FIATC will continue to benefit from its leading position in Catalonia and its very strong capital adequacy....

Research Update