Fitch changes Denizbank to stable

Fitch Ratings said it revised the outlooks on the long-term foreign currency issuer default ratings of Denizbank AS, its domestic subsidiary Deniz Finansal Kiralama AS and its Moscow subsidiary Denizbank Moscow to stable from positive.

At the same time, the agency affirmed Emirates NBD's A+ issuer default ratings and bb+ viability rating. This follows Emirates NBD’s May 22 announcement that it agreed to buy Sberbank's 99.85% stake in Denizbank and Fitch's recent rating actions on Turkish banks' issuer default ratings.

The agency also placed Denizbank's, Deniz Finansal Kiralama's and Denizbank Moscow's long- and short-term local currency issuer default ratings on rating watch positive, and Denizbank's and Deniz Finansal Kiralama's national long-term ratings on rating watch positive.

Fitch said the ratings reflect its view that once the acquisition is complete, Denizbank will benefit from support from Emirates NBD, should this be required, based on its ownership and role in group.

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