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Standard & Poor’s Raises Ratings for MAPFRE RE and MAPFRE GLOBAL RISKS to “A”, Three Notches Above Spain’s Sovereign Rating

S&P also upgrades the Group’s rating to “BBB+”, with outlook stable, and underlines MAPFRE’s core financial solidity

The ratings agency Standard & Poor’s has raised the counterparty credit ratings of MAPFRE RE and MAPFRE GLOBAL RISKS, from “A-“ to “A”, with outlook stable, placing them three notches above that of the Kingdom of Spain. Likewise, Standard & Poor’s has revised MAPFRE S.A.’s counterparty credit rating from “BBB”, with outlook stable, to “BBB+”, also with outlook stable.

The ratings agency continues to expect that MAPFRE will retain its financial and business strength over the next two years.

Moreover, the agency has raised the rating on MAPFRE’s senior debt (maturing in 2015), to “BBB+” from “BBB”, as well as the rating on its subordinated debt maturing in 2037, to “BBB-” from “BB+”. Accordingly, all MAPFRE’s notes are currently rated at investment grade. In the Philippines, MAPFRE Insular Insurance Corporation made 8.6 million Euros in the first quarter of 2014.

About MAPFRE Insular

MAPFRE Insular is a non-life insurance company offering general insurance for optimum financial protection and risk management. It provides insurance services on fire and allied lines, motor vehicle, personal accident, casualty, liability, engineering, marine cargo, surety, and micro insurance. Founded in 1934, MAPFRE Insular today ranks among the top five in the non-life insurance industry in terms of earned premiums, investment income, and net income. MAPFRE Insular is a part of the MAPFRE Sociedad Anonima, the largest insurance conglomerate in Spain. It is also the leading non-life insurance company in Latin America and the 6th largest non-life insurer in Europe. MAPFRE S.A. operates mainly in Spain and in over 47 countries worldwide. It has more than 23 million customers, insured vehicles, and million insured homes.
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