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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.

Read more: Mapfre Ratings AM Best Standard and Poor's S&P Fitch

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...