Mapfre hits out at credit rating agencies
Mapfre's general manager, Esteban Tejera, has criticised ratings agencies for failing to take the company's financial figures into account when downgrading them.
Mr Tejera shared his views with Insurance Age's sister title Insurance Insight as the insurer discussed its 2011 financial results at a press briefing.
He highlighted: "Rating agencies are in contradiction. They do their job analysing your figures but then they reduce your rating according to the rating of your country."
Spain-based Mapfre Group was downgraded by two notches in January by Standard & Poor's to BBB+ from A.
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