Turk Ekonomi Bankasi – Ratings Affirmed

Ref: TR0 26 2 1 CRA00-1 29 July 2022

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

The aff irmation of the ratings is mainly based on TEB’s sound funding and liquidity profile , as well as its resilient and sound operating and net profitability despite the volatile operating environment. The Bank’s FCRs remain closely correlated with the sovereign’s creditworthiness as they are set at the same level as Turkey’s sovereign ratings…