LONDON (Standard&Poor's) July 25, 2007--Standard&Poor's Ratings Services said today it assigned its 'trA+' Turkish national scale rating to Turkey-based reinsurer Milli Reasurans T.A.S. (Milli Re), a subsidiary of Turkiye Is Bankasi A.S. (BB-/Stable/B, Turkish national scale ratings trA+/--/trA-1). Standard&Poor's has not published an international scale rating on Milli Re. "The rating reflects the company's marginal quality of investments from a global perspective and its concentration in the Turkish market, which exacerbates the potential impact of earthquake-exposure modeling risk," said Standard&Poor's credit analyst Miroslav Petkov. "The rating on Milli Re is supported, however, by the reinsurer's dominant competitive position in Turkey and its adequate capitalization," he added.
