Moody's might cut Mapfre

Moody's Latin America said it placed Mapfre Argentina Seguros SA's and Mapfre Argentina Seguros de Vida SA's insurance financial strength ratings of Ba3 global local-currency and Aa2.ar Argentine national scale under review for downgrade.

Moody's said the ratings were placed under review for downgrade because Mapfre Seguros reported a significant net loss - equivalent to 50% of the company's statutory capital at the beginning of the fiscal year - and causing the company's non-compliance with local capital requirements as of June 30. The large loss was largely driven by weak underwriting margins.

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