S&P ups view on seven Turkish banks

Standard & Poor's said it revised its outlook to positive from stable on seven Turkish banks: T.C. Ziraat Bankasi AS, Türkiye Is Bankasi AS (Isbank), Türkiye Garanti Bankasi AS (Garanti), Garanti Finansal Kiralama AS

(Garanti Leasing), Koçbank, Türkiye Vakiflar Bankasi TAO ( VakifBank) and OYAK Bank AS.

The agency added it affirmed its BB-/B long- and short-term counterparty credit ratings on Ziraat, Isbank, Garanti Leasing, Koçbank, VakifBank and OYAK Bank as well as the BB- long-term counterparty credit rating on Garanti.

The outlook revisions reflect the improved economic environment in Turkey, as well as positive trends in the Turkish banking sector, S&P noted, adding the banks' improving financial profiles and performances enhance prospects for upgrades.

Improvements in the banks' asset quality, profitability and capitalization have been strong over the past three years, the agency said, noting the ratings on all of the banks primarily reflect the still-risky financial and economic environment in Turkey.

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