S&P affirms Turk Eximbank

Standard & Poor's said it affirmed the long-term foreign-currency credit rating on Export Credit Bank of Turkey (Turk Eximbank) at BB, mirroring the rating on the Republic of Turkey.

Turk Eximbank's short-term rating is B.

The outlook is positive.

The ratings reflect those of its sole owner, the Republic of Turkey, S&P said.

The agency said it considers the bank's link to the government as integral, implying an almost certain probability of extraordinary support.

The bank also plays a critical role in providing credit and political-risk insurance to support exports, S&P added.

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