Fitch Ratings has affirmed and withdrawn the 'BBB+' Issuer Default Rating (IDR) on MAPFRE U.S.A. Corp. (formerly Commerce Group Inc., a wholly owned subsidiary of Mapfre SA, and referred to hereafter as MUSA) and the 'BBB' rating on MUSA's senior unsecured notes. Fitch also has affirmed and withdrawn the 'A' Insurer Financial Strength (IFS) rating on MUSA's primary U.S. operating subsidiaries. At the time of the withdrawal the Rating Outlook was Negative.
MAPFRE U.S.A. Corp. is no longer considered by Fitch to be relevant to the agency's coverage.
MUSA's and Mapfre SA's ratings were downgraded on Jan. 31, 2012. Mapfre SA's ratings are not impacted by the withdrawal of MUSA's ratings.
Fitch has affirmed and withdrawn the following ratings:
MAPFRE U.S.A. Corp.
--Senior unsecured notes at 'BBB';
--IDR at 'BBB+'.
Commerce Insurance Company
Commerce West Insurance Company
American Commerce Insurance Company
Citation Insurance Company
--IFS rating at 'A'.
Additional information is available at 'www.fitchratings.com'. The issuer did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
The ratings above were unsolicited and have been provided by Fitch as a service to investors.
Applicable Criteria and Related Research:
--'Insurance Rating Methodology' (Sept. 22, 2011).
Applicable Criteria and Related Research:
Insurance Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651018
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Contacts:
Fitch Ratings
Primary Analyst
Martha M. Butler, CFA
Senior
Director
+1-312-368-3191
Fitch, Inc.
70 W. Madison Street
Chicago,
IL 60602
or
Secondary Analyst
Gretchen K. Roetzer
Director
+1-312-606-2327
or
Tertiary
Analyst
Federico Faccio
Senior Director
+44 20 3530-1394
or
Committee
Chairperson
Keith M Buckley, CFA
Managing Director
+1-312-368-3211
or
Media
Relations:
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
