Yesterday, we affirmed our 'BB' counterparty credit rating on Türkiye Is Bankasi AS (Isbank), the parent of Istanbul-based Milli Reasurans T.A.S. (Milli Re); raised the Turkey national scale rating to 'trAA' from 'trAA-'; and revised the outlook to stable from negative, following a similar rating action on Turkey. We regard Milli Re as a moderately strategic subsidiary of Isbank and not insulated from its parent. The reinsurer also invests the majority of its assets in Turkey. As a result, the ratings on Milli Re are limited at and move in line with those on its parent and on Turkey. We are therefore raising our Turkey national scale rating on Milli Re to 'trAA' from 'trAA-'. We still assess Milli Re's
