Moody's rates Anadolubank

Moody's Investors Service said it assigned first-time B2/not-prime foreign currency deposit ratings and a D- financial strength rating (FSR) to Anadolubank AS.

The outlook on the FSR is stable, while the outlook on the bank's long-term foreign-currency deposit rating is positive, in line with the positive outlook for the country ceiling for such deposits in Turkey, the agency said.

According to Moody's, Anadolubank's D- rating reflects the bank's sound overall financial fundamentals, underscored by its solid earnings power, adequate liquidity profile, strong asset quality and efficiency ratios that indicate careful cost control and more efficient use of human and branch resources relative to other Turkish banks of a similar size.

The FSR also reflects the bank's developing niche franchise in the Turkish SME market that focuses management's attention and leverages knowledge of and expertise in the SME market, Moody's said.

At the same time, Moody's noted that the bank's FSR also incorporates Anadolubank's limited scale, which will challenge bank's ability to compete with larger players and to further develop both its SME and retail franchises in a highly competitive market.

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