PARIS (S&P Global Ratings) June 1, 2026--S&P Global Ratings today assigned its 'BBB' issue rating to the subordinated Tier 2 notes to be issued by Mapfre S.A. under its Euro Medium-Term Note (EMTN) program. We rate the Tier 2 notes two notches below our long-term issuer credit rating (ICR) on the non-operating holding company Mapfre S.A. (A-/Positive/--). In this case we deduct: One notch to reflect the notes' subordination to Mapfre's senior creditors; and One notch to reflect payment risk arising from the mandatory deferral of the interest payment feature. The notes have a maturity of 11 years. In accordance with our hybrid capital criteria, we classify the notes as having intermediate equity content at issuance. For insurance companies, hybrid
