On Jan. 27, 2017, we revised the outlook on the Republic of Turkey to negative from stable. As a result, we lowered the Turkey national scale rating to 'trAA-' from 'trAA' on Türkiye Is Bankasi AS (Isbank), the parent of Milli Reasurans T.A.S. (Milli Re). We view Milli Re as a moderately strategically important subsidiary of Isbank and the reinsurer invests the majority of its assets in Turkey. We therefore limit the rating on Milli Re at the parent and sovereign level. We are lowering our Turkey national scale rating on Milli Re to 'trAA-' from 'trAA'. On Feb. 1, 2017, S&P Global Ratings lowered its Turkey national scale rating on Milli Reasurans T.A.S. (Milli Re) to 'trAA-' from 'trAA'.
