S&P lowers Milli Reasurans

Standard & Poor's said it lowered its Turkish national-scale rating on Milli Reasurans T.A.S. to trA from trA+.

The downgrade follows the recent outlook revision on the Republic of Turkey (foreign currency, BB-/negative/B; local currency, BB/negative/B) and the subsequent rating actions on Milli Re's parent, Türkiye Is Bankasi A.S., the agency said.

According to S&P, outlooks on the Isbank foreign and local currency counterparty credit ratings were revised to negative from stable, and the long-term Turkish national-scale rating was lowered to trA from trA+.

The national-scale rating on Milli Re reflects the company's marginal quality of investments from a global perspective and concentration in the Turkish market, which exacerbates the potential impact of earthquake-exposure modeling risk, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.