S&P Global Ratings on July 26 lowered to trAA- fromtrAA+ Milli ReasuransTAS' Turkey national scale rating.
The ratings action follows downgrades of and the insurer's , .
The agency believes that Milli Re's ratings are restrainedby those of its parent and Turkey, where the insurer invests the majority ofits assets.
S&P Global Inc.owns S&P Global Ratings and S&P Global Market Intelligence.