Fitch rates Alease BBB

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BBB to Alternatif Finansal Kiralama AS (Alease), along with a local-currency issuer default rating of BBB+, short-term foreign-currency issuer default rating of F3, local-currency issuer default rating of F2 and national long-term rating of AAA(tur).

The outlook is stable.

Alease’s ratings are equalized with those of its parent, Alternatif Bank AS (Abank), reflecting the high potential of support from Abank, which has been the company’s 100% owner since 2013, Fitch said.

Nevertheless, the agency said it believes that support, if needed, is likely to be provided by Abank’s ultimate parent, Commercial Bank of Qatar.

The ratings also reflect common branding and high reputational risk for Abank and high integration, Fitch said.

Alease’s activity also is supervised by Abank through common risk, audit-, asset- and liabilities-management committees, the agency said.

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