Dominant competitive position in Turkey and increasing international business. Good capitalization, prospectively. Marginal quality of investments from a global perspective. Marginal operating performance Concentration in risks related to the Turkish market. The national scale rating on Turkey-based reinsurer Milli Reasurans T.A.S. (Milli Re) reflects Standard&Poor's Ratings Services' view of the company's dominant competitive position in Turkey and its good prospective capitalization. The ratings are constrained by the company's marginal quality of investments from a global perspective, its concentration in the Turkish market, which exacerbates the potential effect of exposure to earthquake-modeling risk, and marginal operating performance. While we consider Milli Re strategically important to its parent, Turkiye Is Bankasi AS (Isbank; BB/Stable/B, Turkey national scale rating trAA/--/trA-1), its
