S&P lifts Turk Eximbank

Standard & Poor's said it raised the long-term foreign-currency credit rating on Export Credit Bank of Turkey (Turk Eximbank) to BB+ from BB.

S&P also said it affirmed the B short-term foreign-currency rating, along with the local-currency credit ratings to BBB/A-2 from BBB-/A-3.

The outlook is stable.

The ratings on Turk Eximbank are equalized with those on its sole owner, the Republic of Turkey, S&P said.

The ratings reflect the almost certain likelihood that the Turkish government would provide timely and sufficient extraordinary support to Turk Eximbank in case of financial distress, the agency said.

The support stems from the bank's critical role in supporting Turkish exports, which is a key factor of national economic development, S&P said, and the bank's integral link to the Turkish government through sole sovereign ownership, government control of its board of directors and a loss guarantees.

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