Moody's rates Turkiye Sinai Kalkinma Bankasi

Moody's Investors Service said it assigned a D+ financial strength rating (FSR) and B2/N-P foreign currency deposit ratings to Turkiye Sinai Kalkinma Bankasi AS (TSKB).

The outlook on the B2 long-term foreign currency deposit rating has a positive outlook, in line with the country ceiling in Turkey, while the outlook on the FSR is stable.

Moody's added that the B2/N-P ratings are constrained by the ceiling for such deposits in Turkey.

Moody's notes that TSKB's FSR is supported by a well-established development banking franchise, which generates a stable, albeit relatively low level of core income.

The agency added that the D+ rating is constrained by the moderate level of credit risk inherent in the Turkish operating environment and also by TSKB's high reliance on income from Turkish government securities.

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