Türk Eximbank’s Ratings Affirmed

Türk Eximbank’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of İhracat Kredi Bankası A.Ş. (Türk Eximbank) to Negative from Stable. At the same time, the Bank’s LT FCR and Short-Term Foreign Currency Rating (ST FCR) have been affirmed at ‘B+’ and ‘B’, respectively. The Bank’s Bank Standalone Rating (BSR) of ‘b+’ and Core Financial Strength (CFS) rating of ‘b+’ have also been affirmed.

The revision of the Outlook to Negative mirrors the revision of the Outlook on Turkey’s sovereign ratings to Negative from Stable on 26 November 2021. The latter action reflects CI’s expectation that the recent loosening of monetary policy and the accompanying deterioration in international investor sentiment have increased the likelihood that key risks associated with the…