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 ratings 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.