Moody’s changes Allianz Sigorta view

Moody's Investors Service said it changed the outlook on Allianz Sigorta AS to negative from rating under review.

The agency said the action follows Moody's recent decision to downgrade Turkey's government bond rating to Ba3 from Ba2 and assign a negative outlook.

Moody's said that the action reflects that Allianz’s key business and financial credit fundamentals are correlated with, and thus linked to, the economic and market conditions in Turkey, where it is domiciled and has all its operations.

The agency said Allianz’s stand-alone credit profile is constrained by the credit quality of the Turkish sovereign and, as such, the negative outlook on Allianz mirrors the action on Turkey's government debt rating.

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