Fitch downgrades Takasbank

Fitch Ratings said it downgraded Istanbul Takas ve Saklama Bankasi AS' (Takasbank) long- and short-term foreign currency issuer default ratings to BB+ and B from BBB- and F3, respectively.

The agency also downgraded Takasbank's viability rating to bb+ from bbb- and affirmed its local currency issuer default ratings at BBB- and F3, respectively.

The outlook on the long-term issuer default ratings is stable.

The actions follow the Jan. 27 downgrade of Turkey's sovereign rating.

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