Ratings Recap: Mapfre (Debt); MBF

July 6, 2007

Standard & Poor’s Ratings Services has assigned its “A-” long-term debt rating to the proposed 30-year, subordinated, unsecured, callable notes that Spain-based insurance holding company Mapfre S.A. (A+/Stable/–) plans to issue for an expected amount of up to €1 billion. The rating is subject to confirmation of the final amount, terms, and conditions of the issue.

Standard & Poor’s Ratings Services announced that its “A-” insurer financial strength rating on MBF Australia Ltd. (MBF) remains unchanged after MBF revealed that it had received an expression of interest from another industry participant and several approaches from private equity firms. S&P said it has “not taken any rating outlook or CreditWatch action, as little information is available on the nature of the approaches, parties involved, or on the likelihood of any transaction proceeding.”

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