Fitch: Turk Ekonomi unchanged

Fitch Ratings said that Turk Ekonomi Bankasi AS's merger with Fortis Bank AS, completed Feb. 14, has no impact on the bank's ratings.

The bank's long-term foreign-currency issuer default rating of BBB- and long-term local-currency issuer default rating of BBB are driven by potential support from BNP Paribas as Turk Ekonomi is considered to be a strategic investment for BNP Paribas, Fitch said.

Although final ownership of the merged bank is not yet fully clear, the agency said it believes that BNP Paribas will enjoy at least the same degree of control over the bank.

The positive outlook reflects the potential for the Turkish sovereign ratings to be upgraded, Fitch added.

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