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S&P rates Milli Reasurans trA+
Standard & Poor's said it assigned its trA+ Turkish national scale rating to Turkey-based Milli Reasurans T.A.S. (Milli Re), a subsidiary of Turkiye Is Bankasi AS (Isbank; BB-/stable/B, Turkish national scale ratings trA+/--/trA-1).
S&P has not published an international scale rating on Milli Re.
S&P said the rating reflects the company's marginal quality of investments (from a global perspective) and its concentration in the Turkish market, which exacerbates the potential impact of earthquake-exposure modeling risk. The rating on Milli Re is supported, however, by the reinsurer's dominant competitive position in Turkey and its adequate capitalization.
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