Fitch rates Albaraka Turk B-

Fitch Ratings said it assigned Albaraka Turk Katilim Bankasi AS B- long-term foreign- and local-currency issuer default ratings. The outlook is negative.

Albaraka Turk's long-term IDRs are driven by its stand-alone strength, as reflected in its b- viability rating (VR). The VR reflects the concentration of the bank's operations in the volatile Turkish operating environment, which heightens risks to its credit profile and its limited franchise relative to the total banking sector. Capitalization is only adequate, given the bank's exposure to macroeconomic risks, high borrower and sector concentrations and historical asset-quality weakness,” Fitch said in a press release.

The agency noted Albaraka Turk’s foreign-currency liquidity is adequate but could suffer stress from deposit instability or prolonged funding-market closure.

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