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.
