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S&P downgrades Türk Eximbank

S&P Global Ratings on July 22 downgraded ,or Türk Eximbank, following the downgrade of Turkey's sovereign ratings.

S&P downgraded the bank's foreign- and local-currencyratings to BB/B and BB+/B from BB+/B and BBB-/A3, respectively. The outlook isnegative.

The ratings and negative outlook reflect that on thecountry. The rating agency said the ratings reflect its view that there is analmost certain likelihood that the Turkish government would provide timely andsufficient extraordinary support to Türk Eximbank in case of financialdistress.

Türk Eximbank is the official state export credit agency ofTurkey.

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.