Fitch pulls Sekerbank from watch

Fitch Ratings said it affirmed Sekerbank TAS’ B- long-term issuer default ratings and removed its ratings from rating watch negative. Fitch also affirmed the subordinated notes’ CCC rating.

The agency placed the ratings on watch in June, citing a weakened capital position from the pandemic and uncertainty over its core capital-strengthening measures.

“The removal of RWN follows the successful completion of the bank’s TRY 702 million rights issue in November 2020. The bank has registered and publicly disclosed a 60% increase in its paid-in capital, reflecting the near 100% participation rate of its shareholders in the rights issue,” Fitch said in a press release.

The outlook is negative.

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