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25 Nov 2010
Frankfurt am Main, November 25, 2010 -- Substitute 'Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the purposes of
assigning a credit rating' for 'Moody's Investors Service
considers the quality of information available on the issuer or obligation
satisfactory for the purposes of a credit rating.' Revised release
Moody's Investors Service has today assigned first-time ratings
to Sekerbank T.A.S. (Sekerbank). The bank
was assigned a bank financial strength rating (BFSR) of D, local
currency deposit ratings of Ba1/Not Prime and foreign currency deposit
ratings of Ba3/Not Prime. In addition, Moody's assigned
A2.tr long-term and TR-1 short-term Turkish
national scale ratings to the bank. The outlook on foreign currency
deposit ratings is positive, while all the other ratings carry a
The D BFSR, which maps to a Baseline Credit Assessment (BCA) of
Ba2, represents the bank's stand-alone financial strength
and is driven by Sekerbank's good regional franchise, especially
in the small- and medium-sized enterprises (SMEs) segment.
At the same time, Moody's notes that the BFSR is also supported
by the bank's satisfactory profitability despite comparatively weak
efficiency partially due to focus on labour intensive small and micro
business, high capitalisation levels and relatively low market risk
appetite. The rating also takes into account the bank's comfortable
liquidity profile, as well as its high exposure to government securities,
a common feature in the Turkish banking system, certain asset quality
challenges and weak earnings stability as the more recent business development
of retail activities are currently unprofitable.
Sekerbank is an expanding, regional Turkish bank, with a market
share of around 1.3% of total banking sector assets and
was established in 1953 as the Sugar Beet Co-operative Bank.
The bank's current business activities are mainly focused on the
micro and SME segments in Anatolia with an increasing emphasis on expanding
into the retail and corporate sectors in a fast-developing and
growing market. Sekerbank's liquidity and funding profile
is sound, with a strong customer deposit base as well as longer-tenured
funds -- either from the respective European Union or from international
development banks. Overall, Moody's observes that the
bank displays an acceptable asset quality, although high NPLs in
the recently developed business segments or retail and corporate lending
illustrate the challenges to adapt the business model and risk management
requirements in a fast-evolving, highly competitive and dynamic
Turkish banking market.
Moody's adds that the bank's Ba1/Not Prime global local currency
(GLC) deposit ratings reflect a one-notch systemic support uplift.
Moody's regards Turkey as a high support country, and assesses
a moderate likelihood of systemic support for Sekerbank, reflecting
the rating agency's view of the bank's limited importance
to the national financial system, as well as its relevance for the
local financial system.
Sekerbank's Ba3/Not Prime foreign currency deposit ratings are derived
from the local currency deposit ratings and are capped by Moody's
Ba3/Not Prime ceiling for such deposits in Turkey.
Moody's believes that Sekerbank pursues a sound business strategy,
given the prospects for further growth in commercial and retail lending
in Turkey. Positive pressure could be exerted on the bank's
BFSR over the medium term by improvements in asset quality, efficiency,
and deepening of the retail franchise in an improving operating environment,
coupled with successful diversification in the bank's business segments.
Conversely, negative pressure could be exerted on Sekerbank's
ratings if competitive pressures constrain further franchise development
or lead to a material decline in profitability or asset quality metrics.
In addition, Moody's notes that the ratings could also be
negatively affected if the bank's capital position fails to keep
pace with its robust asset growth, although current capitalisation
levels are sound.
The principal methodologies used in this rating were Bank Financial Strength
Ratings: Global Methodology published in February 2007, and
Incorporation of Joint-Default Analysis into Moody's Bank Ratings:
A Refined Methodology published in March 2007.
Moody's National Scale Ratings (NSRs) are intended as relative measures
of creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative risks.
NSRs differ from Moody's global scale ratings in that they are not globally
comparable with the full universe of Moody's rated entities, but
only with NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country
modifier signifying the relevant country, as in ".mx"
for Mexico. For further information on Moody's approach to national
scale ratings, please refer to Moody's Rating Implementation Guidance
published in August 2010 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."
Headquartered in Istanbul, Turkey Sekerbank's assets (audited)
totalled TRY10.8 billion (US$6.8 billion) at the
end of June 2010.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, and confidential
and proprietary Moody's Investors Service information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
The rating has been disclosed to the rated entity or its designated agents
and issued with no amendment resulting from that disclosure.
Moody's Investors Service may have provided Ancillary or Other Permissible
Service(s) to the rated entity or its related third parties within the
three years preceding the Credit Rating Action. Please see the
ratings disclosure page www.moodys.com/disclosures on our
website for further information.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Frankfurt am Main
Asst Vice President - Analyst
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Frankfurt am Main
MD - Banking
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Deutschland GmbH
Correction to Text, November 22, 2010 Release: Moody's assigns D, Ba1/NP, Ba3/NP, A2.tr/TR-1 ratings to Sekerbank (Turkey)
An der Welle 5
Frankfurt am Main 60322
No Related Data.
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