S&P cuts Albaraka Turk outlook to negative

Standard & Poor's said it revised to negative from stable the outlook on Albaraka Turk Katilim Bankasi AS.

The agency also said it affirmed the BB/B long- and short-term counterparty credit ratings on the bank.

The outlook revision follows Albaraka Turk's pursuit of its ambitious growth strategy since 2007, S&P said.

The bank's efforts to grow lending have led its loan book to more than double in absolute terms in the past three years, the agency said.

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