Leading competitive position in Turkey with increasing international business. 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 leading competitive position in Turkey and its good capitalization. The ratings are constrained by the company's marginal quality of investments from a global perspective and concentration in the Turkish market, which exacerbate the potential impact of earthquake-exposure modeling risk. While we assess Milli Re's operating performance as marginal, it is not considered a weakness for the ratings. In Standard&Poor's Ratings Services' opinion, quality of investments is the main constraining factor for the
