Fitch Ratings has upgraded the Long-term foreign currency and local currency ratings of a number of Turkish banks following its upgrade of the Republic of Turkey's sovereign. As a result of the upgrade, the rating Outlooks are now Stable.
The banks afftected are Akbank, Denizbank, Disbank, Finansbank, Garanti Factoring, Garanti Finansal Kiralama, HSBC Bank, Kockbank, Pamukbank, TC Ziraat Bankasi, Turk Ekonomi Bankasi, Turkiye Garanti Bankasi, Turkiye Halk Bankasi, Turkiye Kalkinma Bankasi, Turkiye Sinai Kalkinma Bankasi, Turkiye Vakiflar Bankasi and Yapi Kredi Bankasi.
At the same time, the agency has affirmed Finansbank's Long-term foreign and local currency rating at B and revised the Outlook to Positive from Stable.
Through the nine-months ending September 30, 2003, Finansbank continued its improvement in asset quality as exhibited by a 46 percent reduction in non-performing loans to three percent of the portfolio, enhanced reserve coverage and better free capital. Pre-tax earnings for the period declined approximately 11 percent over the previous year due to heightened expenses associated with franchise expansion. — (menareport.com)
© 2004 Mena Report (www.menareport.com )