S&P upgrades seven Turkey banks

Standard & Poor's said it raised its counterparty credit ratings seven Turkish financial institutions following an upgrade of the Republic of Turkey's ratings due to improving economic policy and strong track record in steadily reducing the country's debt burden.

The upgraded ratings includes the following:

• Albaraka Turk Katilim Bankasi AS' counterparty credit rating to BB/B with a positive outlook from BB-/B with a stable outlook, long-term Turkey national scale rating to trAA- from trA+, short-term Turkey national scale rating to trA-1from trA-1 and certificates of deposit to BB/B from BB-/B;

• Garanti Finansal Kiralama AS' counterparty credit rating to BB/B with a positive outlook from BB-/B with a stable outlook;

• HSBC Bank AS' counterparty credit rating to BB+/B with a positive outlook to BB/B with a stable outlook, long-term Turkey national scale rating to trAA+ from trAA+, short-term Turkey national scale rating to trA-1 from trA-1 and certificates of deposit to BB+/B from BB/B;

• Turkiye Garanti Bankasi AS' counterparty credit rating to BB with positive outlook from BB- with stable outlook, certificates of deposit to BB from BB-;

• Turkiye Is Bankasi AS' counterparty credit rating to BB/B with positive view from BB-/B with stable view, long-term Turkey national scale rating to trAA from trA+, short-term Turkey national scale rating to trA-1 from trA-1 and certificates of deposit to BB/B from BB-/B;

• Turkiye Vakiflar Bankasi TAO's counterparty credit rating to BB/B with positive outlook from BB-/B with stable outlook, certificates of deposit to BB/B from BB-/B, long-term Turkey national scale rating to trAA from trA+ and short-term Turkey national scale rating to trA-1 from trA-1; and

• Yapi ve Kredi Bankasi AS' counterparty credit rating to BB/B with positive outlook from BB-/B with stable outlook, certificates of deposit to BB/B from BB-/B, long-term Turkey national scale rating to trAA from trA+ and short-term Turkey national scale rating to trA-1 from trA-1.

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