S&P rates Oyak Bank

Standard & Poor's said it assigned its BB-/B counterparty credit and certificate of deposit ratings to Oyak Bank AS.

The outlook is stable.

The ratings on Oyak Bank balance the risky banking and economic environment in the Republic of Turkey (foreign currency, BB-/stable/B; local currency, BB/stable/B) and the bank's moderate business position in an increasingly competitive market, S&P said.

The ratings also factor in the bank's satisfactory financial profile, the likely support it would receive from the government given its full ownership by Ordu Yardimlasma Kurumu, the agency added.

The bank also benefits from the commercial and legal advantages deriving from its strategically important role within the OYAK Group, one of Turkey's largest financial-industrial conglomerates, S&P noted.

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