Moody's cuts Mapfre ART

Moody's Latin America said it downgraded the global local currency insurance financial strength and Argentine national scale insurance financial strength ratings of Mapfre Argentina ART SA to B3 from Ba3 and to Baa1.ar from Aa2.ar, respectively.

In the same action, Moody's affirmed the Ba3 global local currency and the Aa2.ar Argentine national scale insurance financial strength ratings of Mapfre Argentina Seguros SA and Mapfre Argentina Seguros de Vida SA.

The outlooks remain negative.

Moody's said the action follows the announcement of the planned sale of Mapfre ART by Mapfre SA to the Argentine health company, Galeno Argentina SA.

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