Albaraka Turk’s Ratings Affirmed with a Stable Outlook

Albaraka Turk’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Albaraka T u rk Kat i l i m Bankas i A. S . (ATKB) at ‘B-’ and ‘B’, respectively. At the same time, CI Ratings has affirmed ATKB’s Bank Standalone Rating (BSR) and Core Financial Strength (CFS) rating of ‘b-’ and ‘b-’, respectively. The Outlook for the LT FCR and BSR remains Stable.

The affirmation of the LT FCR and BSR balances the Bank’s improved operating and net profitability, and substantially higher financing loss provisions, against large single-borrower and sector concentration risk s, elevated sovereign exposure, and a challenging operating environment.

ATKB’s BSR is derived from a CFS rating of ‘b-’, and an Operating…