Türkiye Vakiflar Bankasi – Ratings Affirmed

Ref: TR 040 20 CRA00-1 23 June 2021

Türkiye Vakiflar Bankasi – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong-Term F oreign Currency Rating (LT F CR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Türkiye Vakiflar Bankasi T.A.S. (Vakif) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed Vakif’s B ank S tandalone R atin g (BSR) of ‘b’. The Outlook for the LT FCR and BSR remains Stable.

Vakif’s BSR is derived from a C ore Financial Strength (C FS ) rating of ‘bb-’ reflecting the Bank’s moderate intrinsic financial, operational and business strength, and an O perating E nvironment R isk A nchor (OPERA) of ‘b’ , indicating significant risk. The latter is a fundamental constraining factor for the ratings of all Turkish banks. The operating environment remains…