Turk Eximbank’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 Turkiye Ihracat Kredi Bankasi A.S. (Turk Eximbank or the Bank) at ‘BB-’ and ‘B’, respectively. At the same time, CI Ratings has affirmed Turk Eximbank’s Bank Standalone Rating (BSR) of ‘bb-’, 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 primarily supported by Turk Eximbank’s strategic importance as a development bank focused on promoting and financing Turkish exports as part of the government’s economic programmes. The Bank is Turkiye’s official export credit agency and, as such, the leader in export financing and export credit insurance. CI assesses the ESL as Moderate, although it is not currently a relevant consideration, given our…