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S&P acts on several Spanish insurers following sovereign upgrade

S&P Global Ratings on March 27 took various actions on several Spanish insurers following the upgrade on the sovereign's ratings.

The rating agency upgraded the long-term issuer credit and insurer financial strength ratings of CESCE-Compania Espanola de Seguros to A- from BBB+, with stable outlooks. The agency affirmed the company's A-2 short-term issuer credit rating.

S&P also changed the outlook on Mapfre Group core entities Mapfre Global Risks and Mapfre Re Compania de Reaseguros SA, and that of holding company Mapfre SA to stable from positive. The agency also affirmed the A long-term issuer credit and financial strength ratings of Mapfre Global Risks and Mapfre Re and the BBB+ long-term issuer credit rating of Mapfre SA.

Also affirmed were the BBB+ and A- long-term issuer credit and insurer financial strength ratings of Fiatc Mutua de Seguros y Reaseguros and Nacional de Reaseguros SA, respectively. The outlook on the former remains stable, while that on the latter remains positive.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.