S&P affirms Commerce Group

Standard & Poor's said it affirmed the BBB counterparty credit rating on Commerce Group Inc. and the A counterparty credit rating on its insurance operating companies Commerce Insurance Co. and Citation Insurance Co.

The outlook remains stable.

S&P said the ratings are unaffected by the proposed acquisition by Mapfre SA.

The agency said it does not expect any significant changes to the company's management or strategic focus of diversifying its products and geographical concentration.

S&P said it is, however, concerned about the limited strategic fit of Commerce at Mapfre.

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