to Spain’s Nacional de Reaseguros, S.A., both with stable outlooks. Nacional’s ratings reflect its “strong risk-adjusted capitalization, ongoing strong operating performance and very good business profile as Spain’s leading reinsurer,” Best explained. “The ratings also factor in Nacional’s concentration in the Spanish market; which is affected by a depressed economic environment and the company’s high exposure to sovereign debt.” Best also indicated that Nacional’s strong risk-adjusted capitalization is “supported by good retained earnings, reserve redundancies and a comprehensive retrocession program.” In addition Best observed that despite the company’s high exposure to Spanish sovereign and corporate debt (
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