May 30, 2012 / 9:58 AM / 5 years ago

TEXT-S&P summary: FIATC Mutua de Seguros y Reaseguros a Prima Fija y Soc

(The following statement was released by the rating agency)

May 30 -

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Summary analysis -- FIATC Mutua de Seguros y Reaseguros a Prima Fij 30-May-2012

y Sociedades Filiales

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CREDIT RATING: Country: Spain

Local currency BBB-/Stable/--

Primary SIC: Fire, marine, and

casualty

insurance

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Credit Rating History:

Local currency Foreign currency

15-Apr-2008 BBB-/-- --/--

19-Aug-2003 BBpi/-- --/--

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Rationale

The ratings on Spanish composite insurer FIATC, Mutua de Seguros y Reaseguros a Prima Fija, reflect its good capitalization, its strong franchise in health care and retirement services in the Spanish region of Catalonia, where it is the leading mutual insurer, and its good liquidity. These factors are offset by the company's lack of national scale and relatively small size, marginal non-life reserving, high reliance of capital adequacy on unrealized gains on properties, and the difficult economic and financial climate in Spain.

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