Dominant competitive position in Turkey with developing international footprint Good capitalization, with extremely strong capital adequacy Marginal quality of investments from a global perspective Concentration in risks related to Turkish market The national scale rating on Turkey-based reinsurer Milli Reasurans T.A.S. (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. These negative factors are partially mitigated, however, by Milli Re's dominant competitive position in Turkey and its strong capitalization. In Standard&Poor's Ratings Services' opinion, quality of investments is the main constraining factor for the rating. Milli Re invests in instruments and deposits with some of the best credit quality
