S&P Global Assigns 'B' Rating to Milli Reasürans with a Stable Outlook

Forex - The international credit rating agency S&P Global has assigned a credit rating of "B" to Milli Reasürans and set the outlook as "stable."

In its assessment, S&P stated, "Milli Reasürans T.A.Ş. has managed to maintain its market position and capital adequacy despite being exposed to high inflation and exchange rate risks. We view Milli Reasürans as a moderately strategically important subsidiary of its main partner, İş Bankası (IS:ISCTR), and believe that the parent company has the capacity to provide financial support to Milli Reasürans when needed. A 'B' issuer credit rating and a 'B' insurer financial strength rating have been assigned to Milli Reasürans. The stable outlook reflects our expectations that Milli Reasürans will maintain its competitive position and capital adequacy at current levels over the next two years, improve its operational performance gradually, and focus on profitable business growth."