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

CI considers the likelihood of timely and sufficient extraordinary support from the government in the event of need to be uncertain. While we deem the government’s willingness to provide support to be high given Isbank’s systemic importance, its financial capacity may be limited as indicated by Turkiye’s sovereign LT FCR of ‘BB-’.

The affirmation of the ratings is based on the Bank’s resilient financial performance despite some weakening of profitability metrics. The ratings are…