Fitch alters Turkiye Sinai view to negative

Fitch Ratings said it revised the outlook for Turkiye Sinai Kalkinma Bankasi AS to negative from stable.

The revision reflects the sovereign’s weaker foreign-currency reserves position, and reduced ability to support the bank in foreign currency if needed, Fitch said.

Fitch affirmed the bank’s B+ issuer and senior secured ratings as well as its B senior unsecured rating.

Fitch, however, downgraded the subordinated rating to B- from B and removed it from under criteria observation.

The downgrade is in line with the change in Fitch's baseline notching from the viability rating for loss-severity to two notches from one notch for such instruments, reflecting the agency’s expectation of poor recoveries in case of default, Fitch said.

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