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S&P lifts Mill Reasurans
S&P said it raised the Turkey national scale rating on Milli Reasurans TAS (Milli Re) to trAA from trAA-.
The upgrades reflect the outlook revision of Turkey and the resulting raising of the national scale rating and outlook revision on the counterparty credit rating on Milli Re’s parent, Turkiye Is Bankasi AS (Isbank), the agency said.
Milli Re is considered to be moderately strategic to Isbank, which owns 77% of the reinsurer, S&P said.
The company’s business risk profile continues to benefit from its dominant position in Turkey, the agency said.
Milli Re’s very strong capital adequacy levels provide resilience against a volatile credit environment, S&P added.
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