S&P lifts Turk Eximbank view to stable

S&P said it revised the outlook on Export Credit Bank of Turkey (Turk Eximbank) to stable from negative.

The agency also said it affirmed the BB+ long-term and B short-term foreign-currency ratings, along with the BBB- long-term and A-3 short-term local-currency credit ratings.

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

The ratings also consider an 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 ratings also take into account the bank’s critical role in supporting Turkish exports, which is a key focus of national economic development, S&P said.

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