On Feb. 16, 2022, we lowered our issuer credit rating on Türkiye Is Bankasi AS (Isbank) to 'B' from 'B+'. Consequently, we lowered the Turkey national scale rating on Isbank to 'trA-' from 'trA+'. We view Milli Reasurans T.A.S. (Milli Re) as a moderately strategically important subsidiary of Isbank. We therefore cap our rating on Milli Re at the level of the rating on its parent. As such, we lowered our Turkey national scale rating on Milli Re to 'trA-' from 'trA+'. On Feb. 18, 2022, S&P Global Ratings lowered its Turkey national scale rating on Milli Reasurans T.A.S. (Milli Re) to 'trA-' from 'trA+'. The rating action follows the lowering of our long-term local and foreign currency ratings on
