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Fitch upgrades MAPFRE’s financial strength rating one notch to ‘a+’

The ratings agency Fitch has upgraded MAPFRE’s core operating subsidiaries’ Insurer Financial Strength (IFS) ratings to ‘A+’ from ‘A’, which translates into ratings improvements for five of the Group’s entities: MAPFRE ESPAÑA, MAPFRE VIDA, MAPFRE RE, MAPFRE GLOBAL RISKS and MAPFRE ASISTENCIA. Furthermore, Fitch has affirmed MAPFRE’s Issuer Default Rating (IDR) at ‘A-‘, with outlook stable.

The agency explains in its note that MAPFRE Group’s financial strength rating is supported by the company’s “very strong capitalisation and leverage, very strong financial performance and earnings and a very strong business profile”

Likewise, Fitch expects MAPFRE’s technical profitability to remain strong over the next 12-24 months

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