Fitch upgrades credit ratings of 12 Turkish financial institutions
A flag is reflected on the window of the Fitch Ratings headquarters in New York in this February 6, 2013, file photo. Fitch Ratings warned on October 15, 2013, it could cut the sovereign credit rating of the United States from AAA citing the political brinkmanship over raising the federal debt ceiling. (Reuters Photo)
International credit rating agency Fitch Ratings announced that it has upgraded the credit ratings of 12 non-bank financial institutions in Türkiye.
Fitch raises credit ratings of 12 Turkish institutions
According to a statement from Fitch, the long-term foreign currency issuer default ratings (IDR) of 11 institutions have been upgraded by two notches, moving from “B” to “BB-”. Additionally, the credit rating of Istanbul Clearing, Settlement and Custody Bank (Takasbank) has been upgraded from “B+” to “BB-”.
Fitch also raised the long-term local currency ratings of these institutions from “B+” to “BB-”. All companies’ credit outlooks have been rated as “stable.”
Affected Turkish financial institutions
The following companies were impacted by the credit rating upgrades:
- Ak Finansal Kiralama AS (Ak Leasing)
- Alternatif Finansal Kiralama AS (Alternative Leasing)
- Deniz Finansal Kiralama AS (Deniz Leasing)
- Garanti Faktoring AS (Garanti Factoring)
- Garanti Finansal Kiralama AS (Garanti Leasing)
- IS Finansal Kiralama AS (Is Leasing)
- QNB Finans Faktoring AS (QNB Factoring)
- QNB Finans Finansal Kiralama AS (QNB Leasing)
- Yapı Kredi Faktoring AS (Yapı Kredi Factoring)
- Yapı Kredi Finansal Kiralama A.O. (Yapı Kredi Leasing)
- Yapı Kredi Yatırım Menkul Değerler AS (Yapı Kredi Yatırım)
- Istanbul Clearing, Settlement and Custody Bank (Takasbank)
