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Mapfre rails against ratings “contradiction”
09 February 2012
Speaking at the launch of Mapfre’s 2011 financial results, the re/insurer says that it has been frustrated by its downgrade in December.
Standard and Poor's
Senior executives at Mapfre have complained that the rating system which saw them downgraded in mid-December reflects unfairly on the firm.
Mapfre’s issuer credit rating from AM Best was lowered from an “aa-” rating to an “a+”, while its financial strength rating moved from an A+ to A.
However, Mapfre says the downgrade does not accurately represent its own strength, with Spain’s sovereign risk playing a larger role.
“The problem is...
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