Ratings of Turkish Banks Upgraded Following Sovereign Action

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has upgraded the Long-Term Foreign Currency Ratings (LT FCRs) and Bank Standalone Ratings (BSRs) of 15 Turkish banks. The rating actions follow the recent upgrade in the sovereign's LT FCR to 'BB-'/'Stable' (from 'B'/'Positive') and an improvement in the Operating Environment Risk Anchor (OPERA) for the banking system to 'b+' from 'b-'. At the same time, CI Ratings has affirmed the Short-Term (ST) FCRs and Extraordinary Support Levels (ESLs) of the 15 banks at their existing level. The Outlook on the LT FCRs and BSRs of all 15 banks is  Stable.

Attachments

• Rating Announcement (CRA)
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