Fitch rates Turk Eximbank BBB-

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BBB- to Turkiye Ihracat Kredi Bankasi AS (Turk Eximbank).

The agency also assigned to the bank a local-currency issuer default rating of BBB, short-term foreign- and local-currency issuer default ratings of F3 and a national long-term rating of AAA(tur).

The outlook is stable.

The bank's ratings are aligned with those of the Turkish sovereign, reflecting its ownership and status as the country's official export credit agency, Fitch said.

Turk Eximbank implements the government's official export strategies, the agency said, and its board is government appointed. The bank's funding is, in part, provided or guaranteed by the Turkish treasury, Fitch said.

The bank also enjoys privileges that include notable treasury compensation of losses suffered as a result of political risks and exemption from corporate taxes and loan loss reserve requirements, the agency added.

Turk Eximbank's ratings are sensitive to a change in Turkey's sovereign ratings, Fitch said.

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