Spanish insurer Mapfre has had its Insurer Financial Strength downgraded to BBB, by rating agency Fitch.
The rating actions follow the downgrade of Spain's Long-term IDR to 'BBB' from 'A'.
In a statement, the agency said that it ‘believes that Mapfre's ratings are closely linked to Spain's creditworthiness, primarily through its direct holdings of EUR9.2bn of Spanish sovereign bonds and the fact that Mapfre sources the majority of the group earnings from Spain (around 55% at end-Q112).’
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Mapfre, Fitch, IFS, downgrade, BBB, rating