Fitch Ratings on Aug. 2 assigned Türkiye Emlak Katılım Bankası AŞ B+/B long- and short-term foreign-currency issuer default ratings and BB-/B long- and short-term local-currency issuer default ratings.

The outlook on the long-term ratings is negative.

Fitch also assigned the Turkish lender an AA(tur) national long-term rating with a stable outlook, a 4 support rating and a B+ support rating floor.

The agency noted that the bank's issuer default ratings reflect its view of the high tendency for local authorities to provide support to the bank in case of need.

The negative outlook on the long-term issuer default ratings reflect that on Turkey, Fitch added.