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Fitch assigns ratings to 2 Turkish lenders

Fitch Ratings on Aug. 13 assigned certain ratings to Turkish lenders TEB Tüketici Finansman AS and Finans Faktoring AS.

The agency assigned both banks BB/B long- and short-term foreign-currency issuer default ratings, BB+/B long- and short-term local-currency issuer default ratings, AAA(tur) national long-term ratings and 3 support ratings.

The outlook on the long-term issuer default ratings is negative, while the outlook on the national long-term ratings is stable.

TEB Tüketici Finansman's issuer default ratings are driven by potential support from its ultimate parent company BNP Paribas SA, while the negative outlook is aligned with that of its sister bank, TEB Bank, and the wider Turkish banking sector.

Finans Faktoring's issuer default ratings are based on those of its parent company QNB Finansbank AS, reflecting the agency's view that the former is a small highly integrated subsidiary of the latter. The negative outlook also reflects that of the parent.

Qatar National Bank (QPSC) is the ultimate parent of QNB Finansbank and Finans Faktoring.