Fitch decision regarding 9 Turkish banks

In a statement released by Fitch, it was announced that the credit rating outlook for 9 Turkish banks has been revised from "stable" to "positive," while their long-term local and foreign currency credit ratings were affirmed at "BB-."

The statement noted that the revision in the outlook reflects a decision similar to Fitch's move last week to revise Turkey's credit rating outlook to "positive." It further stated, "The revision in the sovereign rating outlook reflects a further reduction in external vulnerabilities, an improvement in the quality of reserves, and a decline in foreign currency-denominated contingent liabilities, following a stronger-than-expected increase in foreign exchange reserves since the rating upgrade in September 2024."

The banks whose outlooks were upgraded to positive were listed as Ziraat Bankası, Türkiye Emlak Katılım Bankası, Halkbank, Türk Eximbank, Türkiye Kalkınma ve Yatırım Bankası, Türkiye Sınai Kalkınma Bankası, VakıfBank, Vakıf Katılım, and Ziraat Katılım.

News Source: 12punto