Fitch: Garanti Faktoring BBB

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BBB to Garanti Faktoring Hizmetleri AS.

The outlook is stable.

The agency also assigned to Garanti Faktoring a long-term local-currency issuer default rating of BBB, short-term foreign- and local-currency issuer default ratings of F3 and a national rating of AAA(tur).

Garanti Factoring is about 82% owned by Turkiye Garanti Bankasi AS, a leading private sector bank in Turkey.

Given the high level of integration between the subsidiary and its majority shareholder and the fact that the subsidiary provides core financial services to the parent's clients in its home market, Fitch said it equalizes Garanti Factoring's ratings with those of Garanti.

Garanti Factoring is a major player in Turkey's factoring sector, the agency added.

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