Fitch upgrades Finansbank

Fitch Ratings said it upgraded Finansbank AS’s long-term foreign-currency issuer default rating to BBB from BBB-, long-term local-currency issuer default rating to BBB+ from BBB-, short-term issuer default ratings to F2 from F3 and national long-term rating to AAA(tur) from AA+(tur).

The ratings also were removed from Rating Watch positive and the outlook is stable.

The upgrades follow the recent acquisition of a 99.81% stake in Finansbank by Qatar National Bank, Fitch said.

The upgrades reflect a belief that Qatar National Bank would be very likely to provide support to its subsidiary, if required, the agency said.

Qatar National Bank’s ability to provide support could be moderately constrained by Qatari regulatory limits in respect of the amount of support banks can extend to their foreign subsidiaries, but Fitch said these limits are unlikely to be binding.

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