Fitch rates Ziraat Katilim Bankasi BB+

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BB+ and long-term local-currency issuer default rating of BBB- to Ziraat Katilim Bankasi AS.

The outlook is stable.

Ziraat Katilim's ratings are driven by potential support from its parent, TC Ziraat Bankasi AS, Fitch said.

The ratings are equalized with those of Ziraat, reflecting a view that Ziraat would have a high propensity to provide support to Ziraat Katilim if required, the agency said.

Ziraat Katilim is small relative to Ziraat, representing about 2% of consolidated assets at year-end 2016, Fitch said.

But the agency said it believes Ziraat Katilim is a core subsidiary of Ziraat, considering its important role in offering Islamic banking services and the government's focus on development of this sector.

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