Fitch upgrades some Turkish banks

Fitch Ratings said it upgraded the long-term local-currency issuer default, short-term local-currency issuer default and national long-term ratings of various Turkish banks. Fitch also said it affirmed the short-term local- and foreign-currency issuer default ratings, individual and support ratings and the support floors where applicable.

These actions follow the upgrade of the Republic of Turkey's long-term local-currency issuer default rating to BB from BB-. The outlooks of all the banks are stable, with the exception of Oyak Bank, which has ratings on Rating Watch positive.

The ratings upgraded include:

Turk Ekonomi Bankasi's long-term foreign-currency issuer default rating affirmed at BB, long-term local-currency issuer default rating upgraded to BBB- from BB+, short-term foreign-currency issuer default rating affirmed at B, short-term local-currency issuer default rating upgraded to F3 from B, national long-term rating upgraded to AAA(tur) from AA+(tur), individual rating affirmed at C/D and support rating affirmed at 3.

Denizbank's long-term foreign-currency issuer default rating affirmed at BB, long-term local-currency issuer default rating upgraded to BBB- from BB+, short-term foreign-currency issuer default rating affirmed at B, short-term local-currency issuer default rating upgraded to F3 from B, national long-term rating upgraded to AAA(tur) from AA+(tur), individual rating affirmed at C, support rating affirmed at 3.

Finansbank's long-term foreign-currency issuer default rating affirmed at BB, long-term local-currency issuer default rating upgraded to BBB- from BB+, short-term foreign-currency issuer default rating affirmed at B,

short-term local-currency issuer default rating upgraded to F3 from B, national long-term rating upgraded to AAA(tur) from AA+(tur), individual rating affirmed at C/D and support rating affirmed at 3.

Bankpozitif Kredi Ve Kalkinma Bankasi's long-term foreign-currency issuer default rating affirmed at BB, long-term local-currency issuer default rating upgraded to BBB- from BB+, short-term foreign-currency issuer default rating affirmed at B, short-term local-currency issuer default rating upgraded to F3 from B, national long-term rating upgraded to AAA(tur) from AA+(tur), individual rating affirmed at D and support rating affirmed at 3.

Turkiye Garanti Bankasi's long-term foreign-currency issuer default rating affirmed at BB, long-term local-currency issuer default rating upgraded to BBB- from BB+, short-term foreign-currency issuer default rating affirmed at B, short-term local-currency issuer default rating upgraded to F3 from B, national long-term rating upgraded to AAA(tur) from AA+(tur), individual rating affirmed at C, support rating affirmed at 3.

Turkiye Is Bankasi's long-term foreign-currency issuer default rating affirmed at BB, long-term local-currency issuer default rating upgraded to BBB- from BB+, short-term foreign-currency issuer default rating affirmed at B, short-term local-currency issuer default rating upgraded to F3 from B, national long-term rating upgraded to AAA(tur) from AA+(tur), individual rating affirmed at C, support rating affirmed at 4 and support rating floor affirmed at B+.

Oyak Bank's long-term foreign-currency issuer default rating affirmed at BB-, on Rating Watch positive,

long-term local-currency issuer default rating upgraded to BB from BB-, on Rating Watch positive, short-term foreign-currency issuer default rating affirmed at B, short-term local-currency issuer default rating affirmed at B,

national long-term rating upgraded to AA+(tur) from AA(tur), on Rating Watch positive, individual rating affirmed at C/D, support rating affirmed at 3.

Turkiye Vakiflar Bankasi's long-term foreign-currency issuer default rating affirmed at BB-, long-term local-currency issuer default rating upgraded to BB from BB-, short-term foreign-currency issuer default rating affirmed at B, short-term local-currency issuer default rating affirmed at B, national long-term rating affirmed at AA(tur), individual rating affirmed at C/D, support rating affirmed at 4, support rating floor affirmed at B+.

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