Burgan Bank Turkey – Ratings Affirmed with a Negative Outlook

Burgan Bank Turkey – Ratings Affirmed with a Negative 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 Burgan Bank Turkey (BBT) at ‘B+’ and ‘B’, respectively. The LT FCR Outlook remains Negative. At the same time, CI Ratings has affirmed BBT’s Bank Standalone Rating (B SR ) of ‘b-’ also with a Negative Outlook, and Core Financial Strength ( CFS ) rating of ‘b+’.

The LT FCR is set two notches above the BSR due to the high likelihood of extraordinary support from the Bank’s key shareholder, Burgan Bank K.S.C.P. (‘A+’/ ‘A1’/ Stable) in case of need. The Extraordinary Support Level (ESL) of High is based on the Kuwaiti parent’s standalone financial strength, as well as its demonstrated ability, willingness and financial capacity to provide its Turkish…