Fitch upgrades Turkish banks

Fitch Ratings said it upgraded the ratings of several Turkish banks and removed their ratings from Rating Watch positive following the upgrade of the Republic of Turkey's long-term foreign-currency issuer default rating to BB+ from BB- and the long-term local-currency issuer default rating to BB+ from BB.

The outlook for the banks is stable.

The agency upgraded Denizbank AS' and Turk Ekonomi Bankasi AS' long-term foreign-currency issuer default ratings to BBB- from BB, long-term local-currency issuer default ratings to BBB from BBB-, short-term foreign-currency issuer default ratings to F3 from B and support ratings to 2 from 3 and lifted Turk Ekonomi Bankasi's subordinated debt to BBB- from BB.

Fitch upgraded Bankpozitif Kredit Ve Kalkinma Bankasi AS' long-term foreign-currency issuer default rating to BBB- from BB, short-term foreign-currency issuer default rating to F3 from B, support rating to 2 from 3, senior unsecured debt to BBB- from BB and subordinated debt to BB+ from BB-.

The agency also upgraded Turkiye Garanti Bankasi AS' long-term foreign-currency issuer default rating to BBB- from BB, short-term foreign-currency issuer default rating to F3 from B, support rating to 3 from 4 and support rating floor to BB from B+.

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