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Fitch might cut Turkish banks
Fitch Ratings said it placed 25 Turkish banks' long-term foreign-currency issuer default ratings and 25 banks' viability ratings on rating watch negative.
Fitch said the watch placed on all Turkish banks' viability ratings reflect risks to their performance, asset quality, capitalization and, in most cases, liquidity and funding profiles following a recent period of increased market volatility. This has seen the Turkish lira depreciate against the U.S. dollar-euro basket by about 20% this year with the authorities responding by raising the key policy rate by 300 basis points to 16.5%.
The watches on the issuer default ratings of state-owned commercial banks and two development banks additionally consider the greater potential for stress in Turkey's external finances, which could hinder the authorities' ability to provide support in foreign currency, the agency explained.
Finally, the watches on foreign-owned banks' BBB- issuer default ratings reflect Fitch's intention to reassess whether it remains appropriate to rate these institutions above the sovereign (BB+/stable), given potential intervention in the banking system if there is marked deterioration in Turkey's external finances.
The following banks are affected: Akbank TAS; Turkiye Is Bankasi AS; Anadolubank AS; Fibabanka Anonim Sirketi; Odea Bank AS; Arap Turk Bankasi AS; Sekerbank TAS; T.C. Ziraat Bankasi AS; Turkiye Halk Bankasi AS; Turkiye Vakiflar Bankasi TAO; Vakif Katilim Bankasi AS; Turkiye Sinai Kalkinma Bankasi AS; Turkiye Ihracat Kredi Bankasi AS; Turkiye Kalkinma Bankasi AS; Turkiye Garanti Bankasi AS; Yapi ve Kredi Bankasi AS; Turk Ekonomi Bankasi AS; QNB Finansbank AS; ING Bank AS; Kuveyt Turk Katilim Bankasi AS; Turkiye Finans Katilim Bankasi AS; Alternatifbank AS; Burgan Bank AS; ICBC Turkey Bank AS; BankPozitif Kredi ve Kalkinma Bankasi AS; and Turkland Bank AS.
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