At year-end 2011, Spanish insurer FIATC Mutua de Seguros y Reaseguros a Prima Fija y Sociedades Filiales (FIATC) reported credit metrics that were lower than we had anticipated. The difficult operating and macroeconomic environment in Spain, and deterioration in the quality of FIATC's assets, have delayed its efforts to strengthen its capitalization through improvements in operating performance. As a result, we are revising our outlook on FIATC to stable from positive and affirming our 'BBB-' long-term insurer financial strength and counterparty credit rating on FIATC. The stable outlook reflects our anticipation that FIATC will maintain good capitalization and satisfactory underwriting performance over the next two to three years. LONDON (Standard&Poor's) May 21, 2012--Standard&Poor's Ratings Services said
