Best Comments on Sistema Mapfre Ratings

March 10, 2004

A.M. Best Co. issued a brief announcement noting Corporacion Mapfre’s recently announced plan to proceed with a rights issue to raise 500.5 million euros ($618 million).

“Corporacion Mapfre is a subsidiary of Mapfre Mutualidad de Seguros y Reaseguros—currently rated A+ (Superior) with a positive outlook—and a group stock company of Sistema Mapfre, the commercial name of the Mapfre group,” said Best.

The Spanish company “will be utilising the proceeds for partial repayment of existing debt and for investments including a capital injection for the group’s reinsurance operation, MAPFRE RE, Compania de Reaseguros S.A.—currently rated A+ (Superior) with a positive outlook,” Best continued.

The rating agency also indicated that “this announcement in line with expectations and does not foresee an immediate impact on the ratings of any Mapfre companies.”

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