Following the downgrade of the Republic of Turkey's long-term foreign and local currency ratings to B- from B, Fitch Ratings has announced various rating actions for the debt ratings of Turkish banks and financial institutions.
The ratings affected are the foreign currency (FC) long-term, FC short-term, local currency (LC) long-term, LC short-term, and national ratings. In all cases the long-term rating outlook is revised to negative from stable. An outlook reflects a time scale of one to two years.
The banks affected include Akbank, Denizbank, Disbank, Finansbank, Garanti Factoring, Garanti leasing, HSBC Bank, Kocbank, Oyak Bank, Pamukbank, TC Ziraat Bankasi, Tekfenbank, Turk Ekonomi Bankasi, Turkiye Garanti Bankasi, Turkiye Halk Bankasi, Turkiye Is Bankasi, Turkiye Kalkinma Bankasi, Turkiye Sinai Kalkinma Bankasi, Turkiye Vakiflar Bankasi and Yapi Ve Kredi Bankasi.
Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with sub or low investment grade international sovereign ratings. The best risk within a country is typically rated AAA and other credits are rated only relative to this risk. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
