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S&P lowers Milli Reasurans
S&P said it lowered its Turkey national scale rating on Milli Reasurans TAS to trA+ from trAA.
The action follows the lowering of the long-term local and foreign currency ratings on Turkiye Is Bankasi AS, Milli’s parent, the agency said.
“We view Milli Re as a moderately strategically important subsidiary of Isbank, which is one of Turkey's leading banks and 77%-owner of Milli Re,” S&P said in a news release.
“As a result, we limit the rating on Milli Re to that on the parent and expect them to move in lockstep.”
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