Moody’s rates Turk Eximbank

Moody's Investors Service said it affirmed the Ba1 long-term foreign currency issuer and senior unsecured debt ratings, the provisional Ba1 senior unsecured medium-term note ratings and the ba2 standalone baseline credit assessment of Export Credit Bank of Turkey AS (Turk Eximbank).

At the same time, the agency assigned the following new ratings: adjusted BCA of ba2; long-term local currency issuer rating of Ba1, short-term local and foreign currency issuer rating of Not Prime; short-term foreign currency senior unsecured medium-term note rating of provisional Not Prime and long- and short-term counterparty risk assessment of Ba1(cr)/Not Prime(cr).

Turk Eximbank is a 100% state-owned bank that takes credit risk on its own account and does not have all obligations guaranteed by the Turkish treasury. As such, Moody's said it is using its banks methodology to derive Turk Eximbank's ratings.

Previously, the bank's ratings were derived using a combination of Moody's methodologies for government-related issuers and banks.

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