Fitch Affirms 5 Foreign-Owned Turkish Banks
23 OCT 2018 12:28 PM ET
Fitch Ratings-London/Frankfurt-23 October 2018: Fitch Ratings has affirmed the Long-Term Foreign Currency (LTFC) IDRs of five foreign-owned, small Turkish banks. They are Alternatifbank A.S., BankPozitif Kredi ve Kalkinma Bankasi A.S. (BankPozitif), ICBC Turkey Bank A.S. (ICBC Turkey), and Burgan Bank A.S. (Burgan Bank Turkey) at 'BB-' and Turkland Bank A.S (T-Bank) at 'B+'. The Outlooks on the banks are Negative, except for T-Bank, which is Stable.
At the same time, Fitch has downgraded the Viability Ratings (VRs) of Burgan Bank Turkey, and BankPozitif to 'b' from 'b+', Alternatifbank to 'b-' from 'b+', T-Bank to 'b-' from 'b' and affirmed ICBC Turkey at 'b+'. The banks' VRs have been removed from Rating Watch Negative (RWN). A full list of rating actions is available at the end of this commentary.