Fitch affirms BankPozitif

Fitch Ratings said it affirmed BankPozitif Kredi ve Kalkinma Bankasi AS's long-term foreign- and local-currency issuer default ratings at BBB-, national long-term rating at AAA(tur), short-term foreign- and local-currency issuer default rating at F3.

The outlook is stable.

The ratings reflect the support it can expect to receive from its controlling shareholder, Bank Hapoalim BM, based on Bank Hapoalim's intrinsic strength, Fitch said.

The ratings reflect the bank's well-defined strategic focus, which offset its business model limitations, its currently strong liquidity, sound capitalization and limited market risk, the agency said, as well as the deterioration in its asset quality, small size and lack of franchise.

The bank's operating profitability was weakened in 2009 by narrowed margins through lower yields on Turkish lira-denominated assets funded by equity, Fitch added, and rising loan impairment charges.

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