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Mapfre Panama rating remains unchanged despite problems for parent company

Thursday, December 22, 2011

A.M. Best. the insurance ratings agency, has commented that the financial strength rating of ‘A-’ (Excellent) and issuer credit rating of “a-” of Mapfre Panama are unchanged following the rating downgrades related to its parent company, Mapfre (Spain), and the majority of its US-domiciled subsidiaries.

The outlook for both ratings is stable.

Best explained that the downgrade “were driven by both Mapfre’s exposure to investments in several peripheral euro zone economies, in particular Spain and Portugal.

Original source: Insurance Journal