LONDON (Standard&Poor's) July 24, 2007--Standard&Poor's Ratings Services said today it affirmed its 'A-' long-term, subordinated, unsecured debt rating on the €700 million callable notes issued by Spanish insurance holding company Mapfre S.A. (A+/Stable/--), following receipt of final documentation. The issue consists of a €700 million bond for a tenor of 30 years, subordinated, and deferrable at any time at the issuer's discretion. The notes will be callable on the 10th anniversary of issuance and every year thereafter. The initial base rate of 5.921% will remain fixed until the 10th anniversary, after which time the securities will carry a variable rate based on the EURIBOR. The new securities have been classified as Category 2 ("strong") under Standard
