Moody’s cuts Allianz Sigorta IFSR to Baa2

Moody's Investors Service said it downgraded the insurance financial strength rating of Allianz Sigorta AS (Allianz Turkey), the main Turkish subsidiary of Allianz SE (Aa3 IFSR, stable), to Baa2 from Baa1.

The outlook on Allianz Turkey is stable in line with the outlook on the Turkish sovereign. This concludes the review for downgrade initiated on July 19.

The agency also affirmed the Aaa.tr national scale insurance financial strength rating.

Moody’s said the downgrade of mirrors the recent downgrade of Turkey's government bond ratings by one notch to Ba1, which was driven by: (a) The increase in the risks related to the country's sizeable external funding requirements; and (b) the weakening in previously supportive credit fundamentals, particularly growth and institutional strength.

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