Moody's cuts Eurobank Tekfen

Moody's Investors Service said it changed the outlook on Eurobank Tekfen AS to negative from stable.

The agency also said it downgraded its long-term global local-currency deposit rating to Ba3 from Ba2, thereby removing the parental support previously incorporated into the ratings.

The downgrades conclude a review for possible downgrade that began in December.

The outlook revision reflects the bank's small franchise, which might face considerable challenges as it expands in the highly competitive environment in Turkey, Moody's said.

The ratings consider also consider the success of the bank's expansion, which will depend on its ability to achieve growth with appropriate risk-adjusted returns, the agency said.

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