The 'AA-' long-term counterparty credit rating on Spain-based Corporación Mapfre S.A. reflects its status as the intermediate holding company for Spanish insurance group Sistema Mapfre (the Mapfre group or Mapfre), of which the principal operating entity is Mapfre Mutualidad de Seguros y Reaseguros a Prima Fija (Mapfre Mutualidad; AA/Stable/--). The rating on Corporación Mapfre therefore reflects the financial strength characteristics of the Mapfre group, which are based on its very strong capitalization, very strong operating performance, and very strong competitive position in Spain and Latin America, together with its management, which Standard&Poor's Ratings Services considers as positive for the ratings. Positive stand-alone rating factors for Corporación Mapfre are its strongly diversified income streams, strong debt-servicing ability, and very
