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 (the Mapfre group or 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/--). Positive stand-alone rating factors for Mapfre S.A. are its strong debt-servicing ability, strongly diversified income streams, and low levels of group debt relative to peers. These positive factors are offset by the structural subordination of creditors to policyholders of the Mapfre group's operating entities. Fungibility of capital within the Mapfre group and dividend flows to Mapfre S.A. have benefited from a restructuring at
