S&P acts on Turkish financials

S&P said it revised its national scale ratings on four of Turkey's banks, two financial services companies, and one insurer, which it had placed under criteria observation after the revision of its criteria on national scale ratings and subsequent recalibration of the mapping specifications for Turkey.

The national scale ratings for the following entities were changed:

• Albaraka Turk Katilim Bankasi AS to trA+/trA-1 from trA-/trA-2;

• Derindere Turizm Otomotiv Sanayi ve Ticaret to trBBB+/trA-2 from trBBB/trA-3;

• Fleetcorp Operasyonel Tasit Kiralama ve Turizm AS to trBBB+/trA-2 from trBBB/trA-3;

• Milli Reasurans TAS to trAA from trA+;

• Turkiye Is Bankasi AS to trAA/trA-1+ to trA+trA-1;

• Turkiye Vakiflar Bankasi TAO to trAA/trA-1+ from trA+/trA-1; and

• Yapi ve Kredi Bankasi AS to trAA/trA-1+ to trA+/trA-1.

The agency said the actions do not reflect any change in the fundamental credit quality of the issuers or issues.

The global scale issuer and issue credit ratings on the entities were not affected.

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