On July 25, 2007, Standard&Poor's Ratings Services assigned its 'trA+' Turkish national scale rating to Turkey-based reinsurer Milli Reasurans T.A.S. (Milli Re), a subsidiary of Turkiye Is Bankasi A.S. (Isbank; BB-/Stable/B, Turkish national scale ratings trA+/--/trA-1). Standard&Poor's has not published an international scale rating on Milli Re. The rating reflects the company's marginal quality of investments (from a global perspective) and its concentration in the Turkish market, which exacerbates the potential impact of earthquake-exposure modeling risk. The rating on Milli Re is supported, however, by the reinsurer's dominant competitive position in Turkey and its adequate capitalization. Major rating factors: Marginal quality of investments. Milli Re invests in instruments and deposits with some of the best credit
