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Moody's assigns ratings to MAPFRE Uruguay

Moody's on April26 assigned Baa2 global scale local currency and national scale insurancefinancial strength ratings to MAPFREUruguay SA.

The outlookfor the ratings is stable.

MAPFRE Uruguay'sratings are based primarily on its strong position in the Uruguayan insurance marketas the second largest insurer, based on premium revenues, its good product diversificationwith businesses in both property and casualty and life segments, and its adequateasset quality. They also consider implicit and explicit support from its ultimateparent company, MAPFRE SA,through brand name sharing and risk transfer arrangements achieved through intra-groupreinsurance, as well as by the parent's significant strategic interest in LatinAmerica, Moody's said.

However, Moody'snoted that the positive factors are offset partly by the company's weak underwritingresults in some business lines, reinvestment risk associated to its individual lifeand annuity products, concentrated exposure to Uruguayan sovereign bonds and bankdeposits, and a weak incurred but not reported reserving standards, which bringsinto question earnings quality and reliability of capital adequacy metrics.