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Fitch assigns ratings to Burgan Bank Turkey

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Fitch assigns ratings to Burgan Bank Turkey

Fitch Ratings on July 20 assignedBurgan Bank ASlong-term foreign- and local-currency issuer default ratings of BBB and BBB+,with stable outlooks, and short-term foreign- and local-currency issuer defaultratings of F2.

Fitch also assigned the Turkishlender a viability rating of "b+," a support rating of 2 and anational long-term rating of AAA(tur), with a stable outlook.

The issuer default and nationalratings reflect the high probability that the lender would receive support fromKuwaiti parent Burgan Bank KPSCin case of need, based on the unit's importance to its parent and commonbranding, among other factors. The Turkish unit's long-term foreign-currencyissuer default rating is constrained by Turkey's country ceiling of BBB, whilethe local-currency rating takes into account Turkish country risks.                                                 

The viability rating reflects thebank's recent rapid loan growth, high levels of foreign-currency lending andits limited franchise. The agency noted that since its acquisition by theKuwaiti bank, the unit has shifted its strategy to offering primarily bankingservices to corporate and commercial customers in Turkey.