Fitch shifts outlook on Turkish banks to stable

Fitch Ratings said it revised the outlooks on 20 Turkish banks to stable from negative. The rating action follows the change in outlook on Turkey’s sovereign rating to stable from negative.

The agency affirmed each of the banks’ issuer default ratings.

Fitch said it also revised the outlooks on the long-term local-currency IDRs of Akbank TAS and Turkiye Is Bankasi to stable from negative.

The state banks are T.C. Ziraat Bankasi AS, Turkiye Vakiflar Bankasi AS, Vakif Katilim Bankasi AS, Turkiye Sinai Kalkinma Bankasi AS, Turkiye Ihracat Kredi Bankasi AS, Turkiye Kalkinma Bankasi AS, Emlak Katilim Bankasi AS and Turkiye Halk Bankasi AS.

Fitch also revised the outlooks to stable on Turkiye Garanti Bankasi AS, Yapi ve Kredi Bankasi AS, Turk Ekonomi Bankasi, QNB Finansbank AS, ING Bank AS, Kuveyt Turk Katilim Bankasi, Alternatifbank AS, Turkiye Finans Katilim Bankasi, Burgan Bank AS, ICBC Turkey Bank AS, BankPozitif Kredi ve Kalkinma Bankasi and Denizbank AS.

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