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S&P lowers Milli Re
S&P said it lowered the Turkey national scale rating on Milli Reasurans TAS (Milli Re) to trAA- from trAA+.
The downgrade follows a similar downgrade to the Republic of Turkey and the resulting downgrade of Milli Re’s parent, Turkiye Is Bankasi AS (Isbank), S&P said.
Milli Re is considered to be moderately strategic to Isbank, which owns 77% of the reinsurer, the agency explained.
Milli Re also invests the majority of its assets in Turkey, S&P added.
The ratings do not receive any uplift for group support, the agency said, and its ratings are limited by those on Isbank and on the Republic of Turkey.
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