We recently lowered our ratings on Türkiye Is Bankasi AS (Isbank), the parent of Istanbul-based Milli Reasurans T.A.S. (Milli Re), to 'BB' from 'BB+' (local scale to 'trAA-' from 'trAA+'), following a similar rating action on the Republic of Turkey. We regard Milli Re as a moderately strategic subsidiary of Isbank and not insulated from its parent. Milli Re also invests the majority of its assets in Turkey. As a result, the ratings on Milli Re are limited by those on its parent and the Republic of Turkey. We are therefore lowering our Turkey national scale rating on Milli Re to 'trAA-' from 'trAA+'. We still assess Milli Re's capital and earnings as moderately strong, supported by its very strong
