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Fitch places Takasbank's viability rating on Rating Watch Negative

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Fitch places Takasbank's viability rating on Rating Watch Negative

Fitch Ratings on June 5 placed Istanbul Takas ve Saklama Bankasi AS's "bb+" viability rating on Rating Watch Negative, following a similar June 1 action on large commercial banks in Turkey.

The agency affirmed Takasbank's long- and short-term foreign-currency issuer default ratings at BB+/B and its long- and short-term local-currency issuer default ratings at BBB-/F3. The outlook on the long-term local- and foreign-currency ratings is stable.

The Borsa Istanbul AS unit's 3 support rating, BB+ support rating floor and AAA(tur) national long-term rating, with a stable outlook, were also affirmed.

Fitch said a deterioration in the risk profiles of Turkey's commercial banks impacts Takasbank's credit profile as the bank works with them in clearing and other support functions.

The long-term issuer default ratings reflect Fitch's view that Turkish authorities will likely support Takasbank if needed.