This update, the rating agency itself explained in its review note, “reflects the group’s strong profit-generating capacity and its solid capital position. MAPFRE has been consistently demonstrating resilient operating performance despite the financial crisis in Spain and the most recent recession in Brazil. The improvement in the combined ratio reflects the underwriting discipline and cost saving initiatives in MAPFRE’s main markets ”.
Furthermore, Fitch has also reaffirmed the credit ratings of the subsidiaries MAPFRE España, MAPFRE Vida, MAPFRE RE and MAPFRE GLOBAL RISKS, which also remain at “A-” with a stable outlook.
Likewise, the rating agency has improved the rating of various debt instruments of the company currently in circulation by one notch. Specifically, it has increased to “BBB +” the issuance of senior simple bonds for a value of 1,000 million euros, issued in May last year, and to “BBB” subordinated debt securities for 700 million euros due in 2037, while for the subordinated debt securities for 600 million euros maturing in 2047, issued last March, it has set a rating of “BBB-“.
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