The 'A+' long-term counterparty credit rating on Spain-based Mapfre S.A. (formerly Corporación Mapfre) reflects its status as the holding company for the Mapfre insurance group (Mapfre), of which core operating entities include Mapfre Re, Compañía de Reaseguros, S.A. (Mapfre Re; AA/Stable/--) and Mapfre Empresas, Compañía de Seguros y Reaseguros, S.A. (Mapfre Empresas; AA/Stable/--). The rating on Mapfre S.A. therefore reflects the financial strength characteristics of the Mapfre group, which are based on its very strong operating performance, very strong competitive position in Spain and Latin America, and strong (albeit weakened) capitalization, together with its management, which Standard&Poor's Ratings Services considers as positive for the ratings. These factors are offset by the group's recent more aggressive growth and acquisition
