| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for T.C. Ziraat Bankasi AS > News item |
Fitch downgrades Turkish banks
Fitch Ratings said it downgraded the long-term foreign currency issuer default ratings of 24 Turkish banks and their subsidiaries, in most cases by two notches.
The agency also downgraded the viability ratings of 12 banks.
The banks' long-term issuer default ratings were removed from rating watch negative but were assigned negative outlooks.
The actions follow the downgrade of Turkey's sovereign rating, Fitch said.
The downgrades of banks' viability ratings reflect the increased risks to performance, asset quality, capitalization and liquidity and funding profiles, following the recent period of market volatility and given the increased risk of a hard landing for the economy and a material deterioration in investor sentiment, the agency said.
The downgrades of foreign-owned banks' foreign currency issuer default ratings to BB from BBB- reflect both the sovereign downgrade and Fitch's view that it is no longer appropriate to rate banks above the sovereign in Turkey, the agency explained.
The following banks are affected: Akbank TAS; Turkiye Is Bankasi AS; Anadolubank AS; Fibabanka Anonim Sirketi; Odea Bank AS; Arap Turk Bankasi AS; Sekerbank TAS; T.C. Ziraat Bankasi AS; Turkiye Halk Bankasi AS; Turkiye Vakiflar Bankasi TAO; Vakif Katilim Bankasi AS; Turkiye Sinai Kalkinma Bankasi AS; Turkiye Ihracat Kredi Bankasi AS; Turkiye Kalkinma Bankasi AS; Turkiye Garanti Bankasi AS; Yapi ve Kredi Bankasi AS; Turk Ekonomi Bankasi AS; QNB Finansbank AS; ING Bank AS; Kuveyt Turk Katilim Bankasi AS; Turkiye Finans Katilim Bankasi AS; Alternatifbank AS; Burgan Bank AS; ICBC Turkey Bank AS; BankPozitif Kredi ve Kalkinma Bankasi AS; and Turkland Bank AS.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.