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Moody's downgrades Allianz's Turkish unit

Moody's on March 9 downgraded the insurance financial strength rating of Allianz SE's Turkish unit Allianz Sigorta AS to Baa3 from Baa2 and changed the outlook on the subsidiary to stable from negative.

The rating agency also affirmed Allianz Sigorta's Aaa.tr national scale insurance financial strength rating.

Moody's noted that the downgrade of the rating reflects the recent downgrade of Turkey's sovereign ratings. The agency added that the rating action reflects that the Turkish unit's key business and financial credit fundamentals are interlinked to the economic and market conditions in Turkey. The outlook on Allianz Sigorta is in line with the stable outlook on the country.

Allianz Group is the ultimate parent of Allianz SE and Allianz Sigorta.