Fitch changes Arap Turk Bankasi view

Fitch Ratings said it revised the outlook on Arap Turk Bankasi AS' long-term foreign-currency and local-currency issuer default ratings to stable from negative and affirmed the issuer default rating at B-.

Fitch also affirmed the bank's viability rating at b-.

The agency said the action follows the revision of the outlook on Turkey's long-term issuer default rating to stable from negative.

Fitch also affirmed Arap Turk Bankasi’s national ratings at A-(tur).

“The ratings reflect the bank's concentration in the volatile Turkish operating environment, small niche franchise within the trade-finance universe and weakening profitability,” the agency said in a news release.

“It also reflects contained asset quality risks, only adequate capitalisation and stable but concentrated funding.”

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