Fitch revises Turkish financials to negative

Fitch Ratings said it revised the outlooks on the long-term local-currency issuer default ratings of Turkish non-bank financial subsidiaries of banks to negative from stable and affirmed their IDRs.

The issuers are Ak Finansal Kiralama AS, Alternatif Finansal Kiralama AS, Deniz Finansal Kiralama AS, Garanti Faktoring AS, Garanti Finansal Kiralama AS, Is Finansal Kiralama AS, QNB Finans Faktoring AS, Yapi Kredi Faktoring AS, Yapi Kredi Finansal Kiralama AO, Yapi Kredi Yatirim Menkul Degerler AS and TEB Finansman AS.

The agency also revised the outlooks on the long-term foreign-currency IDRs of subsidiaries of foreign-owned groups: Alternatif Finansal Kiralama, Deniz Finansal Kiralama, Garanti Faktoring, Garanti Finansal Kiralama, QNB Finans Faktoring AS and TEB Finansman to negative from stable.

The outlook revisions follow the change in the sovereign to negative on Dec. 2, Fitch said.

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