Fitch upgrades Deniz Finansal Kiralama

Fitch Ratings said it upgraded Deniz Finansal Kiralama AS's foreign-currency issuer default rating to BB from BB-, local-currency issuer default rating to BB+ from BB- and national long-term rating to AA(tur) from A(tur). The B short-term foreign- and local-currency ratings and 3 support rating were affirmed.

The ratings were removed from Rating Watch positive, and the outlook is positive for the issuer default ratings and stable for the national rating.

The upgrade follows the announcement that Dexia (AA+/F1+) has acquired 75% of Denizbank AS's shares from Zorlu Holding. As part of the transaction, Dexia is purchasing 75% of Denizbank's financial services subsidiaries, including Deniz Finansal Kiralama.

The upgrade reflects the support and benefits that Deniz Finansal Kiralama is expected to receive from its new shareholder, Dexia. Fitch noted that while Dexia has a very high propensity to support Deniz Finansal Kiralama, its ability to do so could be constrained by Turkey's BB country ceiling.

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