Moody's Investors Service has confirmed the local currency deposit ratings of the Istanbul-based Yapi ve Kredi Bankasi (YKB) at Baa3/P-3, concluding the review that was initiated late last year. The B3/NP foreign currency deposit ratings and the E financial strength rating which were not on review remain unchanged.
The recent agreement between the Turkey's banking regulator BDDK and YKB's largest shareholder Cukurova Group has lifted Moody's concerns over the timeliness of support specific to YKB if the latter were to face financial difficulties.
The review was initially prompted by the legal stalemate between the BDDK and the Cukurova Group that originated when a Turkish court reversed the decision regarding the take-over of sister bank Pamukbank by the regulators. YKB's total assets reached $11.8 billion at 2002-end. – (menareport.com)
© 2003 Mena Report (www.menareport.com)
