Fitch Ratings on June 7 upgraded MAPFRE SA's long-term issuer default rating to A- from BBB+, with a stable outlook.

The upgrade follows the upgrade of MAPFRE's unconstrained insurer financial strength assessment to A+ from A, which reflects the group's strong and resilient earnings and solid capital position. Fitch noted that it continues to apply a "sovereign constraint" of A- to MAPFRE's ratings, given its exposure to sovereign debt, although the international diversification of the company's earnings means that the constraint is one notch higher than Spain's BBB+ rating.

The agency also affirmed the A- insurer financial strength ratings of MAPFRE España Compañia De Seguros Y Reaseguros SA, MAPFRE Global Risks SA, MAPFRE Vida SA de Seguros y Reaseguros and MAPFRE Re Compania de Reaseguros SA.