Fitch changes outlook for Turkish banks to stable

Fitch Ratings said it revised the outlook to stable from positive on the long-term foreign- and local-currency issuer default ratings of 15 Turkish banks and financial institutions following similar action taken on the issuer default ratings of the Republic of Turkey.

The issuer default ratings and outlooks of T.C. Ziraat Bankasi AS, Turkiye Halk Bankasi AS, Turkiye Vakiflar Bankasi TAO and Turkiye Kalkinma Bankasi AS are equalized with those of the Turkish sovereign, reflecting the fact that the banks are state-owned or state-controlled.

The issuer default ratings of Yapi ve Kredi Bankasi AS, Turk Ekonomi Bankasi AS and Denizbank AS incorporate potential support from more highly rated foreign shareholders.

The issuer default ratings of Turkiye Is Bankasi AS, Turkiye Garanti Bankasi AS and Akbank TAS are driven by their standalone financial strength.

The other affected banks are Turkiye Sinai Kalkinma Bankasi AS, Is Yatirim Menkul Degerler AS, Is Finansal Kiralama AS, Garanti Finansal Kiralama AS and Ak Finansal Kiralama AS.

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