Milli Reasurans T.A.S. (Milli Re) has maintained its market position and capital adequacy despite being exposed to high inflation and foreign exchange risks. We consider Milli Re to be a moderately strategically important subsidiary of its parent, IsBank (not rated), and we think the parent has capacity to provide financial support to Milli Re, if needed. We assigned our 'B' issuer credit and insurer financial strength ratings to Milli Re. The stable outlook reflects our expectation that Milli Re will maintain its competitive position and capital adequacy at current levels over the next two years, while gradually improving its operating performance and focusing on profitable business growth. On Nov. 5, 2024, S&P Global Ratings assigned its 'B' issuer credit and
