S&P revises five Turkish financials to stable

S&P said it revised its outlook to stable from negative on the following five Turkish financial institutions: Turkiye Is Bankasi AS (Isbank); Turkiye Garanti Bankasi AS; Garanti Finansal Kiralama AS (Garanti Leasing);Yapi ve Kredi Bankasi AS (YapiKredi); and Turkiye Vakiflar Bankasi TAO (VakifBank).

At the same time, the agency affirmed the BB long-term counterparty credit ratings on all five financial institutions and the B short-term ratings on Isbank, Garanti Leasing, YapiKredi and VakifBank.

S&P also raised its long-term Turkey national scale ratings on Isbank, VakifBank and YapiKredi to trAA from trAA-. It affirmed the trA-1 short-term Turkey national scale ratings on these entities.

The stand-alone credit profiles (SACPs) of Garanti, Isbank, VakifBank and YapiKredi remain unchanged at bb+.

S&P said the outlook revision follows that on the Republic of Turkey on Nov. 4. The outlook revision on Turkey reflects the agency’s view that policymakers will continue to move toward implementing key economic reforms, as originally communicated more than two years ago in Turkey's Tenth Development Plan, and that these efforts, while subject to risks, will help underpin economic stability, despite remaining domestic and external risks.

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