Fitch upgrades ratings for six Turkish banks' DPR programs

Fitch has upgraded the credit ratings of financing companies affiliated with Turkish banks. While the ratings of companies established by Akbank, QNB Finansbank, Denizbank, Garanti, Vakıfbank, and Yapı Kredi were upgraded, the rating of Ziraat Bank's company was affirmed as "stable."

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Fitch upgrades ratings for six Turkish banks' DPR programs

According to the statement from Fitch, the rating of ARTS Ltd (ARTS), established by Akbank, was upgraded from 'BBB-' to 'BBB'; the outlook is "stable."

Bosphorus Financial Services Limited (Bosphorus), affiliated with QNB Finansbank, was upgraded from 'BB+' to 'BBB-'; the outlook is "stable."

The rating of DFS Funding Corp. (DFS), established by Denizbank, was upgraded from 'BB' to 'BB+'; the outlook is "stable."

Garanti Diversified Payment Rights Finance Company (Garanti DPR), established by Türkiye Garanti Bankası, was upgraded from 'BB+' to 'BBB-'; the outlook is "stable."

VB DPR Finance Company (VB DPR), established by Vakıfbank, was upgraded from 'BB+' to 'BBB-'; the outlook is "stable."

Yapı Kredi Diversified Payment Rights Finance Company Ltd (Yapı Kredi DPR), created by Yapı Kredi, was upgraded from 'BB+' to 'BBB-'; the outlook is "stable."

Fitch also affirmed the credit rating of Ziraat DPR Finance Company (Ziraat DPR), established by Ziraat Bank, at 'BBB-', with a "stable" outlook.

News Source: 12punto