DenizBank’s Ratings Affirmed

DenizBank’s Ratings Affirmed

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 DenizBank (DZB) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed DZB’s Bank Standalone Rating ( BSR ) of ‘b’ and Core Financial Strength ( CFS ) rating of ‘bb-’. The Outlook for the LT FCR and BSR remains Negative.

One of the key supporting factors for the ratings is the Extraordinary Support Level (ESL) of High , which benefits from the financial strength of the Bank’s key shareholder, Emirates NBD (ENBD) (‘A+’/‘A1’/Stable) and the willingness and ability of ENBD to support its Turkish subsidiary in case of need. While the likelihood of extraordinary support is considered high, DZB does not fulfil our criteria for being rated above the sovereign given its domestic…