Fitch affirms Akbank

Fitch Ratings said it affirmed Akbank's issuer default ratings at long-term foreign currency BB, short-term foreign and local currency B and long-term local currency at BB+.

The outlook is stable.

The long-term foreign-currency issuer default rating is constrained by Turkey's BB country ceiling, and the long-term local-currency issuer default rating is rated two notches above the sovereign's due to the bank's stand-alone financial strength, Fitch said.

Akbank's issuer default ratings reflect its solid capital adequacy ratios, deposit market share and dynamic loan growth. The bank also benefits from sound asset quality and ability to expand while retaining prudent risk policies and good cost control, the agency said. The bank is developing new business with Citigroup, which owns a controlling 20% stake since January 2007.

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