Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
14 Oct 2010
Paris, October 14, 2010 -- Moody's Investors Service has today affirmed the Aa3 insurance financial
strength rating (IFSR) of Mapfre Global Risks (previously Mapfre Empresas)
and the A1 IFSR of Mapfre Asistencia with a negative outlook. Mapfre
Global Risks is the commercial unit of the Mapfre Group, the largest
Spanish insurance Group, providing global solutions to international
corporate clients. Mapfre Global Risks also currently owns 100%
of Mapfre Empresas, providing commercial insurance mainly to SMEs
in Spain, and 100% of Mapfre Caución y Crédito,
the credit insurance unit of the Group. Mapfre Asistencia is the
subsidiary of the Group providing assistance products out of Spain.
Mapfre Global Risks and Mapfre Asistencia belong to the Mapfre Group's
International Direct Insurance division.
Moody's said that the affirmation of the ratings primarily reflects the
strong performance reported by the Mapfre Group as a whole in the last
eighteen months, in spite of the challenging environment,
and the reduction in financial leverage from 37% at year-end
2008 to 26% at year-end 2009. Moody's also
believes that the financial strength of the Group is supported by a very
strong franchise in Spain and in Latin America.
Nonetheless, the negative outlook continues to reflect (i) the challenges
raised by the current economic environment, especially in Spain,
which could negatively affect the profitability of the Mapfre Group,
which provides implicit and explicit support to Mapfre Global Risks and
Mapfre Asistencia and (ii) the negative outlook that Moody's maintains
on the Spanish banking system, bearing in mind the exposure to Spanish
financial institutions in the Group's investment portfolio,
and notwithstanding the currently good average rating of the fixed income
portfolio. Moody's also mentioned that whilst the fast growth
experienced by Mapfre internationally, notably in Latin America,
benefits the group's franchise and product diversification,
it could also weigh on the Group's profitability in the medium-term,
as its foreign operations have traditionally been less profitable than
its domestic ones.
Commenting further on profitability, Moody's mentioned that
Mapfre Global Risks has been significantly impacted by the slowdown of
the economy, especially in Spain. Revenues (including Mapfre
Empresas and Mapfre Caución y Crédito) declined by 7%
while the combined ratio went up to 94.8% in 2009 from 88.2%
in 2008. Mapfre Group combined ratio also increased from 93.9%
in 2008 to 95.7% in 2009. The Group profitability
has also been impacted by the Chilean earthquake in the first half of
2010 (estimated loss of EUR97 million). Although Moody's
notes positively that the overall profitability of the Group has thus
far remained at a strong level (with a return on average capital at 11.6%
in 2009, and 11.7% in the first half of 2010),
Mapfre could still experience further deterioration given the uncertainties
on the macroeconomic environment.
Moody's also noted that Mapfre América, representing
26% of the Group's non-life premiums, and experiencing
a rapid growth, still operates with a combined ratio (103.9%
in 2009 and 100.3% in 2010) significantly higher than Mapfre's
domestic operations, which could also contribute to weaken the Group's
overall non-life profitability going forward.
Furthermore, Mapfre's fixed income portfolio remains exposed
to financial institutions and to Spanish banks. As Moody's
outlook on the Spanish banking system remains negative, Moody's
expects Mapfre's corporate fixed income portfolio to continue to
remain under pressure in the short to medium term. Nonetheless,
Moody's notes that the group's exposure to hybrid debt is
limited and the average rating for the fixed income portfolio was Aa at
year-end 2009. Mapfre's fixed income portfolio also
includes around 15% of Spanish government bonds, recently
downgraded by Moody's to Aa1 from Aaa, with a stable outlook.
Commenting on what could change the ratings of Mapfre Global Risks and
Mapfre Asistencia down, Moody's mentioned primarily a deterioration
of the credit quality of the Mapfre Group, given the explicit and
implicit support provided to these entities by the Group. Such
a deterioration could be caused by (i) a weakening of the Group's operating
profitability (for instance with a combined ratio approaching 100%
in non-life), (ii) a deterioration of the business profile
of the Group, as evidenced by a significantly higher weight of industrial
risks or reinsurance, or a significantly higher weight of operations
in countries with a challenging operating environment, (iii) a material
deterioration of the asset quality, or (iv) a reduced capitalisation
and financial flexibility in case of large acquisitions.
Conversely, the main factor which could exert positive pressure
on Mapfre Global Risks and Mapfre Asistencia's ratings would be
an improvement in the credit quality of the Group as a whole. This
could result from a strengthening of the franchise outside Spain and Latin
America, or a further strengthening of capitalisation. In
the medium term, Moody's could change the outlook to stable
from negative if the Group was able to maintain its current level of profitability.
The last rating action on Mapfre Global Risks took place on 15 April 2009,
when Moody's affirmed Mapfre Global Risks and Mapfre Asistencia's
Aa3 and A1 IFSRs and assigned a negative outlook to these ratings.
Based in Madrid, Spain, Mapfre Global Risks is the commercial
unit of the Mapfre Group. In 2009, Mapfre Global Risks reported
Gross Premiums Written of EUR1.5 billion and net income of EUR76.7
million. Also based in Madrid, Mapfre Asistencia is the international
assistance company of the Group. It reported Gross Premiums Written
of EUR483.8 million in 2009 and net income of EUR16.3 million.
The following ratings were affirmed with a negative outlook:
Mapfre Global Risks -- insurance financial strength rating
Mapfre Asistencia -- insurance financial strength rating
The principal methodology used in rating Mapfre Global Risks and Mapfre
Asistencia was "Moody's Global Rating Methodology for Property and Casualty
insurers", which can be found at www.moodys.com in
the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating these issuers can also be found in
the Rating Methodologies sub-directory on Moody's website.
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Asst Vice President - Analyst
Financial Institutions Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's France SAS
Moody's affirms Mapfre Global Risks (Aa3 IFSR) and Mapfre Asistencia (A1 IFSR) ratings and maintains negative outlook
96 Boulevard Haussmann
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.