Fitch downgrades 18 Turkey banks

Fitch Ratings said it downgraded the long-term foreign-currency issuer default ratings on 18 Turkish banks and their subsidiaries.

The outlooks on all of the banks are stable.

The actions follow a similar downgrade on Turkey's sovereign long-term foreign-currency issuer default rating to BB+ from BBB-.

The banks’ downgrades reflect the weakening of the Turkish operating environment, Fitch said, and a view that it is not appropriate to rate Turkish banks at higher than the sovereign ratings based on their standalone strength.

The agency said it downgraded the long-term foreign-currency ratings on TF Varlik Kiralama AS, Is Faktoring AS, Turkiye Sinai Kalkinma Bankasi AS, Yapi ve Kredi Bankasi AS, Akbank TAS, T.C. Ziraat Bankasi AS, Turkiye Is Bankasi AS, Turkiye Garanti Bankasi AS, Turkiye Kalkinma Bankasi AS, Turk Ekonomi Bankasi AS, KT Sukuk Co. Ltd., ICBC Turkey Bank AS, Garanti Finansal Kiralama AS, Alternatifbank AS, Ak Finansal Kiralama AS, KT Kira Sertifikalari Varlik Kiralama AS, Finansbank AS, Alternatif Finansal Kiralama AS, Yapi Kredi Faktoring AS, Ak Yatirim Menkul Degerler AS, Turkiye Finans Katilim Bankasi AS, YapiKredi Yatirim Menkul Degerler AS, Turkiye Ihracat Kredi Bankasi AS, Turkiye Vakiflar Bankasi TAO, Burgan Bank AS, Yapi Kredi Finansal Kiralama AO, Garanti Faktoring AS, Finans Finansal Kiralama AS, ING Bank AS, Kuveyt Turk Katilim Bankasi AS, Akbank AG, Turkiye Halk Bankasi AS and Is Finansal Kiralama AS.

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