On Dec. 15, 2021, we revised our outlook on Türkiye Is Bankasi AS (Isbank) to negative and affirmed our 'B+' issuer credit and 'trA+' Turkey national scale ratings on Isbank. We view Milli Reasurans T.A.S. (Milli Re) as a subsidiary of Isbank with moderately strategic importance, and we cap our rating on Milli Re -by the rating on the parent. We have therefore affirmed our 'trA+' rating on Milli Re. We do not assign outlooks to our national scale ratings. On Dec. 15, 2021, S&P Global Ratings affirmed its 'trA+' Turkey national scale rating on Milli Reasurans T.A.S. (Milli Re). The affirmation of the rating on Milli Re follows our affirmation of the long-term local and foreign currency ratings on
