S&P Global Ratings on Dec. 15 revised its outlook on Türkiye Ihracat Kredi Bankasi AS, or Türk Eximbank, to stable from negative.

At the same time, the agency affirmed its BB/B foreign-currency and BB+/B local-currency long- and short-term sovereign credit ratings for the bank. The ratings were subsequently withdrawn at the issuer's request.

The revised outlook reflects a similar action on the country Nov. 4, when the rating agency said the country's implementation of economic reforms appeared on track and that those efforts should help secure economic stability, even in the face of domestic and external risks.

At the time of withdrawal, Türk Eximbank's ratings were equalized with those of its sole owner, the Republic of Turkey.