Fitch upgrades Turkish bank outlook, national ratings

Fitch Ratings said it changed 20 Turkish financial institutions' outlooks to positive from stable and affirmed their ratings.

The change in outlooks follows the revision of the outlook on the Republic of Turkey's long-term foreign and local currency ratings to positive from stable.

Additionally, the national long-term ratings of the same banks have been upgraded.

The upgrade reflects the improved macroeconomic profile of the sovereign which has, in turn, benefited the operating environment of banks and corporates, the agency said.

Banks affected include T.C. Ziraat Bankasi, Turkiye Halk Bankasi, Turkiye Kalkinma Bankasi, Fortis Bank AS, HSBC Bank AS, Koc Bank AS, Turk Ekonomi Bankasi, Yapi ve Kredi Bankasi, Kuwait Turkish Evkaf Finance House, Akbank, Denixbank, Finansbank, Turkiye Garanti Bankasi, Turkiye is Bankasi, Turkiye Vakiflar Bankasi, Oyak Bank AS, Garanti Factoring, Garanti Finasal Kiralama and is Finansal Kiralama.

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