Fitch affirms MNG Bank

Fitch Ratings said it affirmed MNG Bank's ratings at long-term foreign and local currency B-, short-term foreign and local currency B, national long-term BBB(tur), individual D/E and support 5.

The outlook is stable.

Fitch said the long-term, short-term and individual ratings reflect MNG Bank's relatively small size in the Turkish banking system, weak core profitability as well as rapid loan growth.

Due to better economic trends and new customer retention, loans increased by nearly 50% in 2004, Fitch noted its concern that this rate of expansion may lead to deterioration in asset quality.

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