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International credit rating agency upgrades ratings of Turkish Banks
(MENAFN) Fitch Ratings, the international credit rating agency, announced on Monday that it has raised the long-term foreign currency issuer default ratings of several Turkish banks, including Ziraat Bank, VakifBank, the Industrial Development Bank of Türkiye (TSKB), Halkbank, Emlak Participation Bank, and Vakif Participation Bank.
The agency upgraded Ziraat Bank, VakifBank, and TSKB from "B+" to "BB-" for their long-term foreign currency issuer default ratings. Their viability ratings were also revised upward from "b+" to "bb-," while their long-term local currency issuer default ratings remained at "BB-" and their national long-term ratings were confirmed at "AA(tur)." Fitch set the outlook for these banks as "stable."
Arap Turk Bank (ATB) also saw improvements, with its long-term issuer default rating rising from B to B+, its viability rating from b to b+, and its national long-term rating moving from A-(tur) to A(tur), with a stable outlook.
“The upgrades reflect Fitch's improved assessment of the Turkish operating environment, as shown by the recent revision of the operating environment score for Turkish banks to 'bb-'stable from 'b+'positive. The upgrades also consider the banks' stable business and financial profiles maintained in the context of improved operating conditions,” Fitch said in a statement.
The agency further noted that the government support ratings for Ziraat Bank, VakifBank, and TSKB were raised from b+ to bb-, reflecting Turkish authorities’ increased capacity to support the banking sector in foreign currency after improvements in the country’s foreign exchange reserves.
In addition, Fitch announced that Halkbank, Emlak Participation Bank, and Vakif Participation Bank had their long-term foreign currency issuer default ratings upgraded from B+ to BB-, with a stable outlook. The government support ratings of these institutions were similarly increased from b+ to bb-.
Fitch also upgraded the government support ratings of Türkiye Is Bankasi, Akbank, and Yapi Kredi from b- to b, highlighting strengthened support across the Turkish banking sector.
The agency upgraded Ziraat Bank, VakifBank, and TSKB from "B+" to "BB-" for their long-term foreign currency issuer default ratings. Their viability ratings were also revised upward from "b+" to "bb-," while their long-term local currency issuer default ratings remained at "BB-" and their national long-term ratings were confirmed at "AA(tur)." Fitch set the outlook for these banks as "stable."
Arap Turk Bank (ATB) also saw improvements, with its long-term issuer default rating rising from B to B+, its viability rating from b to b+, and its national long-term rating moving from A-(tur) to A(tur), with a stable outlook.
“The upgrades reflect Fitch's improved assessment of the Turkish operating environment, as shown by the recent revision of the operating environment score for Turkish banks to 'bb-'stable from 'b+'positive. The upgrades also consider the banks' stable business and financial profiles maintained in the context of improved operating conditions,” Fitch said in a statement.
The agency further noted that the government support ratings for Ziraat Bank, VakifBank, and TSKB were raised from b+ to bb-, reflecting Turkish authorities’ increased capacity to support the banking sector in foreign currency after improvements in the country’s foreign exchange reserves.
In addition, Fitch announced that Halkbank, Emlak Participation Bank, and Vakif Participation Bank had their long-term foreign currency issuer default ratings upgraded from B+ to BB-, with a stable outlook. The government support ratings of these institutions were similarly increased from b+ to bb-.
Fitch also upgraded the government support ratings of Türkiye Is Bankasi, Akbank, and Yapi Kredi from b- to b, highlighting strengthened support across the Turkish banking sector.
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