International credit rating agency Fitch Ratings has increased the long-term default ratings of foreign currency issuers Ziraat Bank, VakıfBank, Industrial Development Bank of Türkiye (TSKB), Halkbank, Emlak Katılım Bankası and Vakıf Katılım.
International credit rating agency Fitch announced that the long-term foreign currency issuer default ratings of Ziraat Bank, VakıfBank and Turkish Industrial Development Bank (TSKB) have increased from “B+” to “BB-“.
In the statement, it was stated that the financial strength ratings of these banks had increased from “b+” to “bb-“, and that their local currency long-term issuer default ratings were affirmed at “BB-” and their national long-term ratings were affirmed at “AA(tur)”.
In the statement it was stated that the rating outlook of the banks in question was determined to be “stable”.
IT RESPONSE TO IMPROVED CONDITIONS
In the statement, it was stated that the rating increase reflects an improvement in Fitch's assessment of the operating environment in Türkiye and that these increases also take into account the banks' stable financial and business profile amid improved operating conditions.
In the statement, it was stated that the state support ratings of Ziraat Bank, VakıfBank and TSKB had also increased from “b+” to “bb-“, and stated that this reflected the Turkish authorities' assessment that their ability to support the banking sector with foreign currency had increased following the improvement in foreign exchange reserves.
On the other hand, in another statement by Fitch, it was reported that the long-term default ratings of foreign currency issuers of Halkbank, Emlak Katılım Bankası and Vakıf Katılım Bankası increased from “B+” to “BB-“.
In the statement, it was stated that their rating outlook was determined to be “stable” and that the state support rating for these banks was increased from “b+” to “bb-“.
In the statement, it was noted that the state support ratings for Türkiye İş Bankası, Akbank and Yapı Kredi increased from “b-” to “b”.
