The national scale rating on Turkey-based reinsurer Milli Reasurans T.A.S. (Milli Re) reflects Standard&Poor's Ratings Services' view of the company's dominant competitive position in Turkey and its good prospective capitalization. The ratings are constrained by the company's marginal quality of investments from a global perspective, its concentration in the Turkish market, which exacerbates the potential effect of exposure to earthquake-modeling risk, and its marginal operating performance. We are changing the group status of Milli Re from strategically important to moderately strategic to its parent Turkiye Is Bankasi AS (Isbank; BB/Stable/B, Turkey national scale rating trAA/--/trA-1). The rating on Milli Re continues to receive no uplift because of those on its parent. We consider the quality of investments to
