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 Turk Ekonomi Bankasi (TEB or the Bank) at ‘BB-’ and ‘B’, respectively. At the same time, CI Ratings has affirmed TEB’s Bank Standalone Rating (BSR) of ‘b+’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and BSR remains Stable.

The affirmation of the ratings is supported by the Bank’s resilient financial performance despite some softening in metrics in recent periods. The LT FCR benefits from a one-notch uplift over the BSR due to the ESL of Moderate. We expect TEB to remain of strategic importance to its key shareholder, BNP Paribas. In CI’s view, the latter’s long-term commitment and willingness to support TEB remains high; however, the provision of extraordinary support could potentially be…