S&P lifts Mapfre

S&P said it raised the ratings for Mapfre SA and its senior unsecured bonds to A- from BBB+. The agency also raised the rating on Mapfre’s junior subordinated bonds to BBB from BBB-.

“We raised the ratings because we think Mapfre’s implementation of its strategic plan has enhanced underlying profitability of its underperforming lines, mainly in Brazil and the United States, adding diversity to the group’s overall earnings. Despite a decline in the group’s net results by €65.9 million to €462.9 million so far in 2019, we believe that underlying profits improved because Mapfre has taken advantage of stronger diversification of earnings,” said S&P in a press release.

The outlook is stable.

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