PARIS (Standard&Poor's) April 15, 2008--Standard&Poor's Ratings Services said today that it 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," said Standard&Poor's credit analyst Marie-Aude Salinas. These factors are offset by our marginally negative view of corporate strategy and the company's weak risk management controls. "We expect that FIATC will maintain the improving trend in its operating performance, albeit not necessarily to the extent seen in 2007, with a net combined ratio just below 100% for 2008 and 2009," added Ms. Salinas.
