Fitch affirms Finansbank

Fitch Ratings said it affirmed Finansbank AS's BBB- long-term foreign and local currency issuer default ratings, F3 short-term foreign and local currency issuer default ratings and AAA(tur) national long-term rating.

The outlook is stable.

The affirmation follows the recent downgrade of the long-term issuer default rating of Finansbank's owner, National Bank of Greece to BB+/negative.

The ratings reflect the view that problems at National Bank are unlikely to lead to a significant weakening of Finansbank's credit profile, Finansbank's healthy results and strong economic recovery in Turkey, Fitch said.

The ratings also consider that any rapid deterioration in the credit profile of National Bank might result in mildly negative pressure on Finansbank's ratings, the agency said.

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