Fitch shifts view on nine Turkish banks to negative

Fitch Ratings said it revised the outlooks on the long-term foreign-currency issuer default ratings of ING Bank AS, Denizbank, QNB Finansbank, Turk Ekonomi Bankasi, ICBC Turkey, Alternatifbank, Burgan Bank AS, Kuveyt Turk Katilim Bankasi and Turkiye Finans Katilim Bankasi to negative from stable.

“The negative outlooks reflect Fitch's view that the weakening of Turkey's external finances is increasing the risk of government intervention in the banking sector, which could impede the ability of all banks in the sector to service their foreign currency obligations,” Fitch said in a press release.

Fitch affirmed the banks at B+.

Fitch also revised the outlooks on the support-driven LTFC and long-term local-currency IDRs of Denizbank Moscow to negative from stable and affirmed them at B+, reflecting the action on its parent Denizbank.

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