Fitch trims Turkish banks

Fitch Ratings said it downgraded the long-term foreign-currency issuer default ratings of 11 Turkish banks to B from B+. The agency also downgraded the long-term local-currency IDRs of some of these banks.

The banks' issuer ratings are mostly on negative outlook, reflecting the sovereign outlook. However, Turkiye Halk Bankasi remains on rating watch negative, while the issuer ratings of Akbank TAS, Turkiye Is Bankasi AS (Isbank), Yapi ve Kredi Bankasi AS, Anadolubank AS and Arap Turk Bankasi AS (ATB)) have also been placed on RWN because of the RWN on their viability ratings.

The rating actions follow the downgrade of Turkey's sovereign rating on Feb. 11, the agency said.

The other banks are Turk Ekonomi Bankasi AS, Turkiye Ihracat Kredi Bankasi AS, Turkiye Garanti Bankasi AS, Yapi ve Kredi Bankasi AS, and Turkiye Cumhuriyeti Ziraat Bankasi AS.

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