S&P Rates 4 Mutuactivos Fixed Income Funds in Spain.

LONDON--(BUSINESS WIRE)--Standard & Poor's CreditWire 6/30/98-- Standard and Poor's today assigned its credit ratings to 4 bond funds managed by Mutuactivos SA Sociedad Gestora de I.I.C., the asset management subsidiary of Mutua Madrilena Automovilista, a leading Spanish insurance company established in 1930. Mutuactivos manage a wide range of both equity and fixed income funds, with total assets under management exceeding Spanish peseta (Pta) 250 billion.

The ratings are: Mutuafondo Dinero FIAMM double-'Af' Mutuafondo FIM double-'Af'-plus Mutuafondo LP FIM double-'Af'-plus Mutuafondo Divisas FIM triple-'Af'

Mutuafondo Dinero FIAMM (double-'Af') is a very short maturity bond fund invested in short-dated Spanish Government securities, providing good liquidity. Risk in this fund is strictly controlled. The fund's custodian is Banco Popular Espanol, S.A., rated double-'A'/Stable/'A-1'-plus by Standard & Poor's.

Mutuafondo FIM (double-'Af'-plus) is a short maturity bond fund, invested primarily in Spanish Government securities and other highly rated fixed income securities denominated in Spanish peseta. The fund's custodian is Banco Central HispanoAmericano S.A., rated single-'A'-minus/Positive /'A-2' by Standard and Poor's.

Mutuafondo LP FIM (double-'Af'-plus) is a medium maturity bond fund, invested primarily in Spanish Government securities and other highly rated fixed income securities denominated in Spanish peseta. The fund's custodian is Banco Bilbao Vizcaya S.A., rated double- 'A'-minus/Stable/'A-1'-plus by Standard and Poor's.

Mutuafondo Divisas FIM (triple-'Af') is a bond fund invested in highly rated fixed income securities expressed in several currencies, including Spanish Peseta. The fund's custodian is ABN-AMRO Bank N.V., rated double-'A'/Stable/'A-1'-plus by Standard and Poor's.

The ratings reflect the high credit quality of the funds' investments and counterparties, as well as the high quality of the fund's administration and management procedures. Standard & Poor's will review the funds' investments and counterparties on a monthly basis to ensure continuing compliance with the criteria relevant to each rating.

Spanish Government debt is rated double-'A'/Positive/'A-1'-plus by Standard & Poor's.---CreditWire

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