The capitalization of Spanish mutual insurer FIATC continues to improve. We are revising the outlook on FIATC to positive from stable. We are affirming the 'BBB-' long-term ratings on FIATC. The positive outlook factors in the strengthening in FIATC'S capitalization, reinforced by our view of its improved management and strategy and our expectations for stability in its underwriting performance. On April 29, 2010, Standard&Poor's Ratings Services revised its outlook on Spain-based mutual insurer FIATC, Mutua de Seguros y Reaseguros a Prima Fija (FIATC) to positive from stable. At the same time, we affirmed the 'BBB-' long-term counterparty credit and insurer financial strength ratings on FIATC. The ratings reflect FIATC'S good and improving capitalization and good operating performance, in
