Fitch raises Mapfre’s rating

Fitch upgraded the financial strength rating of Mapfre and its subsidiaries from BBB to BBB+ with stable outlook. This progression is accounted for by the improvement of the situation in Spain where the economic environment is considered more stable.
Although the country’s recovery allows insurers to operate in a more enabling environment, the State’s sovereign rating greatly affects the group. Nearly 56% of Mapfre’s assets are invested locally, which makes the firm significantly exposed to Spain’s economic and financial situation.