The ratings on Slovenia-based reinsurer Pozavarovalnica Sava, d.d., the parent and major operating company of the Sava Re Group (Sava Re), reflects Sava Re's good competitive stemming from a diversified portfolio, well balanced between primary and reinsurance premium income, and strong capitalization. These strengths are offset, however, by Sava Re's modest underwriting performance and its lack of a strong position in at least one sizable and stable insurance market. The 'A-' ratings are based on the Sava Re's notional group operating ratings (NGOR), 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),
