Ratings of Turkish Banks Upgraded Following Sovereign Action
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Ratings of Turkish Banks Upgraded Following Sovereign Action
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has upgraded the Long-Term Foreign Currency Ratings (LT FCRs) and Bank Standalone Ratings (BSRs) of 15 Turkish banks. The rating actions follow the recent upgrade in the sovereign’s LT FCR to ‘BB-’/‘Stable’ (from ‘B’/‘Positive’) and an improvement in the Operating Environment Risk Anchor (OPERA) for the banking system to ‘b+’ from ‘b-’. At the same time, CI Ratings has affirmed the Short-Term (ST) FCRs and Extraordinary Support Levels (ESLs) of the 15 banks at their existing level. The Outlook on the LT FCRs and BSRs of all 15 banks is Stable.
The 15 banks are: Akbank T.A.S., Burgan Bank A.S., Denizbank A.S., Garanti BBVA A.S., Kuveyt Turk Katilim Bankasi A.S., QNB Bank A.S., Turkiye Cumhuriyeti Ziraat Bankasi A.S., Turk Ekonomi Bankasi A.S., Turkiye Finans Katilim Bankasi A.S., Turkiye Inhracat Kredi…