PARIS (S&P Global Ratings) Nov. 4, 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 program. We rate the notes two notches below our long-term issuer credit rating on the nonoperating holding company Mapfre S.A. (A/Stable/--). We deduct: One notch to reflect the notes'subordination to Mapfre's senior creditors; and One notch to reflect the payment risk arising from the mandatory deferral of the interest payment feature. The notes have a maturity of 15 years. In accordance with our hybrid capital criteria, we classify the notes as having intermediate equity content at issuance. For insurance companies, hybrid instruments with intermediate equity content may
