Moody’s could lower Alternatifbank

Moody's Investors Service said it placed the Baa3/Prime-3 local and foreign currency deposit ratings, A1.tr/TR-1 national scale ratings, baa3 adjusted baseline credit assessment (BCA), and ba3 BCA of Alternatifbank AS on review for downgrade.

The agency also placed the counterparty risk (CR) assessment of Baa2(cr)/Prime-2(cr) on review for downgrade.

Moody's said the review for downgrade results from the review for downgrade on the baa2 BCA of Alternatifbank’s Qatar based parent, Commercial Bank (QSC) (deposits A1 review for downgrade/P-1; /BCA baa2 review for downgrade). This reflects the agency’s view of weakening capacity of the parent to provide support in case of need.

Furthermore, the review on the BCA also reflects Alternatifbank’s declining core capitalization and Moody's expectation of rising credit risk and funding cost in the context of increasing challenges in the Turkish operating environment and group level.

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