Fitch downgrades Takasbank

Fitch Ratings said it downgraded Istanbul Takas ve Saklama Bankasi AS' (Takasbank) long-term foreign-currency issuer default rating to BB from BB+ and viability rating to bb- from bb+ and removed the latter from rating watch negative.

At the same time, the agency revised Takasbank's support rating floor to BB from BB+.

The outlook is negative.

Fitch said the action follows the downgrade of Turkey's sovereign rating to BB and the subsequent downgrade of the issuer default ratings and viability ratings of Turkey's largest banks.

“The downward revision of Takasbank's SRF to BB and the corresponding downgrade of the bank's long-term issuer default rating to BB reflect the sovereign downgrade, indicating the government's weaker ability to provide support in foreign currency,” the agency said in a news release.

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