LONDON (Standard&Poor's) July 5, 2007--Standard&Poor's Ratings Services said today it assigned its 'A-' long-term debt rating to the proposed 30-year, subordinated, unsecured, callable notes that Spain-based insurance holding company Mapfre S.A. (A+/Stable/--) plans to issue for an expected amount of up to €1 billion. The rating is subject to confirmation of the final amount, terms, and conditions of the issue. Standard&Poor's expects to grade the new securities as Category 2 ("strong") under its classification of hybrid equity instruments. We include Category 2 securities, up to a maximum of 25%, in calculating total adjusted capital, the basis for our consolidated risk-based capital analysis of insurance companies. The two-notch rating differential between the rating on the
