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Fitch drops view on 13 Turkish banks to negative
Fitch Ratings said it revised the outlooks on Turkish banks' support-driven long-term foreign-currency issuer default ratings to negative from stable. The outlooks on banks' support-driven long-term local-currency idrs have also been revised to negative from stable.
“The outlook revisions follow the change in the outlook on Turkey's long-term IDRs to negative from stable. The latter was driven, among other factors, by the Central Bank of Turkey's premature monetary policy easing cycle, and the prospect of further rate cuts or additional economic stimulus ahead of the 2023 presidential election. Together these factors have led to a deterioration in domestic confidence - reflected in a sharp depreciation of the Turkish lira and rising inflation, creating risks to macroeconomic and financial stability and potentially re-igniting external financing risks,” Fitch said in a press release.
The agency revised the outlooks to negative of Turkiye Cumhuriyeti Ziraat Bankasi AS, Turk Ekonomi Bankasi AS, Akbank TAS, Turkiye Kalkinma ve Yatirim Bankasi AS, Turkiye Is Bankasi AS, Turkiye Ihracat Kredi Bankasi AS, Turkiye Sinai Kalkinma Bankasi AS, Kuveyt Turk Katilim Bankasi AS, Turkiye Garanti Bankasi AS, QNB Finansbank AS, Turkiye Vakiflar Bankasi TAO, Yapi ve Kredi Bankasi AS and Alternatifbank AS.
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