A flood of ratings improvements from S&P for Spanish firms: Bankia, Mapfre, and state-owned Cores

MapfreMapfre solvency ratio at 205,3% end-March 2022

The credit ratings agency Standard & Poor’s Global Ratings has begun to raise some Spanish companies’ ratings, which was expected after it improved its rating on the country from “BBB+/Positive” to “A-/Positive” on March 23.

In the case of Bankia (BKIA), S&P has improved the rating on its mortgage bonds from “A+” to “AA-“, maintaining a “positive” outlook.

The ratings agency has also modified its outlook for Mapfre (MAP) from “stable” to “positive”, confirming the issuer’s rating of “BBB+” at the same time.

And finally state-owned Cores, the Corporation for Strategic Reserves of Petroleum Products, has received an improved rating on a par with that of Spain.

Cores is a company subject to public regulation, but has a different legal status, operating according to private laws. Its activities are supervised by the central government, specifically by the Ministry for Energy, Tourism and Digital Agenda, so S&P considers it to be a government-dependent institution.

Cores is the Spanish firm in charge of maintaining the strategic stocks of petroleum products and controlling the stocks of petroleum and natural gas produts. It plays a key role in the hydrocarbons sector, contributing to guaranteeing the security of supply in the case there is a crisis in this area, as well as a source of information for the sector.


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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.