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S&P ups six Turkish institutions
Standard & Poor's said it raised its long-term counterparty credit ratings on the following Turkish financial institutions to BB+ from BB: Turkiye Is Bankasi AS (Isbank); Turkiye Garanti Bankasi AS (Garanti); Garanti Finansal Kiralama AS (Garanti Leasing), Yapi ve Kredi Bankasi AS (YapiKredi); HSBC Bank AS; and Turkiye Vakiflar Bankasi TAO (VakifBank).
The outlook is stable.
At the same time, S&P affirmed the B short-term rating on Isbank, Garanti Leasing, YapiKredi, HSBC Bank and VakifBank.
The agency also raised the Turkey national scale long-term rating on Isbank, VakifBank, YapiKredi and HSBC Bank to trAA+ from trAA.
The upgrades follow that on the sovereign, S&P said.
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