Sekerbank’s Ratings Affirmed

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

The affirmation of the ratings and the CFS is in particular based on the recent equity increase as this will improve ŞB’s core capital and loss absorption capacity. Given the current very challenging operating environment and the Bank’s still high vulnerability to adverse economic developments, the Outlook is maintained at Negative.

The Extraordinary Support Level (ESL) is Uncertain. While ordinary capital support is likely to be forthcoming from the Bank’s largest…