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Moody's places Allianz's Turkish unit on review for downgrade

Moody's on June 5 placed the Baa3 insurance financial strength rating of Turkey-based Allianz Sigorta AS on review for downgrade.

The rating agency said the action follows its placement of Turkey's sovereign bond ratings under review for downgrade. Allianz Sigorta's key business and financial credit fundamentals are correlated with and linked to the country's economic and market conditions, it added.

Turkish government bond take-up represented about 95% of the company's total fixed-income portfolio as of year-end 2017, according to Moody's.

During the review period, Moody's will evaluate the implications that any weakening in the Turkish operating environment, as reflected in any rating action on Turkey's government debt rating, will have on the stand-alone financial fundamentals of Allianz Sigorta.

Moody's will also evaluate the support from parent Allianz Group as it is one of the key factors driving the insurance financial strength rating above the sovereign rating.