Milli Re made some changes to its investment portfolio in 2020, reallocating some investments to corporate and government bonds from bank deposits. We view speculative-grade bonds as less liquid than bank deposits. As a result, we now see liquidity as a relative weakness, although the deterioration in its capitalization is temporary and we expect it to revert to historical levels in the next two years. We are affirming our 'trA+' ratings on Milli Re. On Oct. 19, 2020, S&P Global Ratings affirmed its 'trA+' Turkey national scale rating on Turkish reinsurer Milli Reasurans T.A.S. (Milli Re). In 2020, Milli Re made some changes to its investment portfolio. It reallocated part of its bank deposits into corporate and government bonds in
