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Moody's downgrades Allianz Sigorta

Moody'son Sept. 26 downgraded AllianzSigorta AS' insurance financial strength rating to Baa2 from Baa1,concluding its review for downgrade initiated July 19.

The outlook on 's Turkish unit is stableand mirrors that on the Turkish sovereign.

Atthe same time, the agency affirmed the national-scale insurance financialstrength rating on Allianz Sigorta at Aaa.tr.

Theratings action, which follows the downgrade of Turkey's government bond ratings, reflectsthe agency's view that Allianz Sigorta's key business and financial creditfundamentals are correlated with the economic and market conditions in Turkey.