April 29, 2014 / 11:12 AM / in 4 years

RPT-Fitch Upgrades Mapfre's Subsidiaries' IFS to 'A-'; Outlook Stable

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April 29 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has upgraded Mapfre SA’s (Mapfre) Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB’ and its core operating subsidiaries’ Insurer Financial Strength (IFS) rating to ‘A-’ from ‘BBB+'. The Outlook is Stable. A full list of rating actions is at the end of this release.


The rating actions follow the upgrade of Spain’s Long-term IDR to ‘BBB+’ from ‘BBB’ (see “Fitch Upgrades Spain to ‘BBB+'; Outlook Stable”, dated 25 April 2014 at www.fitchratings.com).

Spain’s creditworthiness still somewhat weighs on Mapfre’s ratings. With 56% of the group’s financial assets invested in Spain at end-2013, Mapfre remains substantially exposed to the Spanish economy.


Mapfre’s ratings could be downgraded if its exposure to the Spanish insurance market or sovereign debt results in investment losses with a material impact on capital. Mapfre’s ratings could also be downgraded if the Spanish sovereign rating is downgraded.

Factors that could trigger an upgrade include an upgrade of the rating of Spain, alongside strong group capitalisation (as measured by, for example, the regulatory Solvency I ratio remaining above 200%), or exposure to Spanish debt falling below 100% of group shareholders’ funds (currently 115%).

The rating actions are as follows:

Mapfre Familiar; Mapfre Global Risks Cia De Seguros Y Reaseguos; Mapfre Vida SA De Seguros Y Reaseguros; and Mapfre Re Compania De Reaseguros S.A

- IFS ratings upgraded to ‘A-’ from ‘BBB+'; Outlook Stable

Mapfre SA

-Long-term IDR upgraded to ‘BBB’; Outlook Stable

-EUR1bn 5.125% senior unsecured debt due 2015 upgraded to ‘BBB-’

-EUR700m 5.91% subordinated debt due 2037 with step-up in 2017 upgraded to ‘BB’

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