The ratings on Slovenia-based reinsurer Pozavarovalnica Sava, d.d. (Sava Re) reflect Standard&Poor's Ratings Services' view of its good competitive position in the Western Balkans, and in particular its strong competitive position in Slovenia (AA/Stable/A-1+) and conservative investment profile. These strengths are offset, however, by Sava Re's modest underwriting performance and its high concentration in the competitive Slovenian insurance market. The 'A-' ratings are based on the Sava Re's stand-alone credit quality, which we assess at 'bbb+', plus one notch of uplift reflecting the "moderately high" likelihood of extraordinary support from the Slovenian government in the event of financial distress. In accordance with our criteria for government-related entities (GREs), we consider Sava Re's role to be "important" for the
