A.M. Best Places Ratings of Mapfre, MAPFRE RE and Corporacion MAPFRE Under Review With Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed under review with negative implications the financial strength ratings (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A+ (Superior) and the issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "aa" of Mapfre Mutualidad de Seguros y Reaseguros (Mapfre) and MAPFRE RE, Compania de Reaseguros, S.A.; the ICR of "aa-" of Corporacion MAPFRE, S.A. (Corporacion), Mapfre's publicly listed non-operating holding company; and the debt rating of "aa-" on the EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 275 million 6.02% senior debt due 2011 issued by Corporacion. All companies are domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in Spain. The rating action follows Mapfre's announcement that it will form a joint venture for the existing motor portfolio of Societa Cattolica di Assicurazione (Cattolica) (Italy). In A.M. Best's opinion, this transaction could put pressure on Mapfre's consolidated risk-adjusted capitalisation as the joint venture will be financed with cash. A.M. Best is also concerned about the future underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. profitability of this entity as the Italian motor market is at the peak of the cycle. A.M. Best will discuss these issues with Mapfre's management and aims to resolve the under review status as soon as possible. For Best's Debt Ratings, all other Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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