Fitch upgrades Mapfre
Fitch Ratings has upgraded Mapfre's long-term rating to 'A+' from 'A' and its €275m debentures due 11 July 2011 to 'A+' from 'A'. At the same time the agency has assigned an insurer financial strength (IFS) rating of 'AA-' to Mapfre Mutualidad, the Spanish motor insurer and parent company of the Mapfre insurance group. All long-term rating outlooks are stable.
Fitch said that the upgrade of Corporacion Mapfre reflects the increase of cash and liquid assets within the Mapfre group and Mapfre's modest debt leverage and debt interest coverage ratios.Mapfre
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