S&P rates Turk Eximbank BBB-

Standard & Poor's said it assigned BBB-/A-3 local-currency issuer credit ratings to the Export Credit Bank of Turkey, Turk Eximbank. The long- and short-term foreign-currency ratings were affirmed at BB and B, respectively.

The outlook is positive.

The rating action follows the raising of the long- and short-term local-currency ratings on the Republic of Turkey Tuesday. The ratings on Turk Eximbank are equalized with those on the Republic of Turkey, reflecting S&P's opinion that there is an "almost certain" likelihood that the Turkish government would provide timely and sufficient extraordinary support to Turk Eximbank in case of financial distress, the agency said in a news release.

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