Following a review of Istanbul-based Milli Reasurans T.A.S. (Milli Re) under our revised insurance criteria, we are affirming our 'trAA+' Turkey national scale rating on the company. The ratings predominantly reflect our view of Milli Re's fair business risk profile and less than adequate financial risk profile, supported by its dominant position in Turkey and moderately strong capital and earnings. The rating is constrained by the rating on Milli Re's parent (Türkiye Is Bankasi A.S.); the marginal quality of investments from a global perspective; its concentration in the Turkish market, which exacerbates the potential effect of exposure to earthquake risk; and its marginal operating performance. On July 12, 2013, Standard&Poor's Ratings Services affirmed its 'trAA+' Turkey national scale
