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MeneameAM Best has downgraded the ratings of Spanish reinsurance company Mapfre Re as a result of continued negative developments regarding the euro zone sovereign debt crisis, the ratings agency said in a release.
Mapfre Re's financial strength rating was downgraded to A from A+, and the issuer credit rating to a+ from aa-.
The downgrades were driven by the company's exposure to investments in peripheral euro zone economies, particularly Spain and Portugal, according to the release.
Mapfre has a large insurance and reinsurance presence throughout Latin America, with offices in many South and Central American countries.
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