Fitch cuts four Turkish banks

Fitch Ratings said it downgraded the long-term issuer default ratings of Anadolubank AS and Fibabanka Anonim Sirketi to B+ from BB-, Sekerbank TAS to B from B+ and Odeabank AS to B from BB-.

The agency also downgraded the viability ratings of the four banks.

The banks' long-term issuer default ratings were removed from rating watch negative and were assigned negative outlooks.

“The downgrades reflect increased risks to the banks' performance, asset quality, capitalisation, liquidity and funding profiles following the recent period of market volatility, and take into account the increased risk of a hard landing for the economy and deterioration in investor sentiment,” Fitch said in a news release.

“Risks to financial stability remain significant given unpredictability in the policy framework and Turkey's large external financing requirements.”

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