Fitch downgrades TEB Finansman

Fitch said it downgraded TEB Finansman AS' (TEB Cetelem) long-term issuer default rating to BB- from BB and national rating to AA(tur) from AAA(tur).

The outlook on the IDR is negative, and the outlook on the national rating is stable.

“The rating actions reflect an update to Fitch's view of the propensity of BNP Paribas SA (BNPP, A+/stable) to provide support to the subsidiary in case of need amid increased risk of government intervention in the banking sector, and follow the downgrade of Turk Ekonomi Bankasi AS (TEB Bank; BB-/negative), TEB Cetelem's sister bank, on 1 October 2018,” Fitch said in a news release.

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