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Rating Action:

Moody's affirms Sekerbank's Ba1/NP ratings; outlook stable

13 Mar 2013

Frankfurt am Main, March 13, 2013 -- Moody's Investors Service has today affirmed the D standalone bank financial strength rating (BFSR), equivalent to a ba2 baseline credit assessment (BCA), of Sekerbank T.A.S (Sekerbank). Subsequently, Moody's has affirmed (1) the bank's Ba1 long-term and Not-Prime short-term local-currency deposit ratings; and (2) the Ba2 long-term and Not-Prime short-term foreign-currency deposit ratings. All ratings carry a stable outlook.

Sekerbank's long and short-term Turkish national scale ratings of A2.tr and TR-1 were also affirmed today.

RATINGS RATIONALE

The Ba1/Not-Prime local-currency deposit ratings are supported by Sekerbank's ba2 BCA and a moderate likelihood of systemic support from the Turkish government. This results in one notch of rating uplift from the BCA, reflecting its national loan and deposit market shares of approximately 1.5%, and its strong regional presence in rural areas.

Moody's affirmation of the D BFSR reflects Sekerbank's satisfactory financial fundamentals, which are gradually improving, and its small national (but strong regional) franchises, with a granular deposit base. The bank's market share has been stable in Turkey's high-growth and competitive domestic banking environment, demonstrating the resilience of its established SME banking franchise. However, Moody's says that the bank's ratings are constrained by (1) the bank's low cross-border diversification; (2) the relatively unseasoned nature of the loan book with moderate asset quality; (3) its evolving risk culture and risk-management practices, particularly in retail and corporate loans, which forms part of the bank's expansion and revenue diversification strategy; and (4) relatively high levels of exposure to Turkish government securities, and the construction sector.

Sekerbank's improved profitability indicators compare favourably with the system in terms of pre-provisioning income, but underperform in terms of net income-to-risk-weighted assets. The bank's profitability is supported by its higher-risk, but also higher-yielding SME and commercial lending, while its retail lending activities have been modest (primarily in deposit collection). The lower net income ratio displays some elevated volatility due to persistently high provisioning costs, mainly reflecting the bank's expansion in new SME segments and corporate markets that have been outside of its traditional core segments.

The rating agency notes that Sekerbank's exposure to the construction sector -- comprising approximately two thirds of government-initiative-related infrastructure constructions -- remains twice that of the system average and accounts for 85% of Tier 1 capital and 13.3% of the total loan book. In Moody's view, this risk concentration is an important rating constraint because it exposes the bank to potential shocks if the operating environment deteriorates, thereby elevating loan impairments. Sekerbank continued to improve its core capitalisation, which Moody's considers sound at a Tier 1 Basel II ratio of 12.2% as of year-end 2012. This level provides the bank with good loss-absorption capacity under Moody's scenarios for stressing earnings, asset quality and capital.

The foreign currency deposit rating has been affirmed at Ba2/Non-Prime with a stable outlook and is constrained by Turkey's foreign-currency deposit ceiling.

Moody's affirmation of the national scale ratings follows the affirmation of the bank's local-currency deposit ratings.

WHAT COULD MOVE THE RATINGS UP/DOWN

The stable outlook indicates that there is no upwards pressure on the bank's ratings. The BFSR could be upgraded following improvements in asset quality, coupled with successful diversification in Sekerbank's business segments -- including a further deepening of the retail franchise -- with sustainable positive earnings contributions.

Sekerbank's successful expansion of its franchise and origination of new business -- whilst maintaining a modest risk profile -- as well as improvements in efficiency will be additional factors in the evolution of its ratings. Positive pressures on the GLC long-term ratings could result from an upgrade of the BFSR or an assessment of higher systemic relevance of Sekerbank in the longer term, as its franchise and market shares materially develop further.

The BFSR could be negatively affected if (1) competitive pressures constrain further franchise development, or lead to a material decline in profitability; or (2) asset-quality metrics deteriorate further. In addition, Moody's says that negative pressure could be exerted on the BFSR if Sekerbank's capital position does not match its high asset growth. The GLC long-term ratings could be downgraded as a result of (1) negative pressures on the BFSR; and/or (2) Moody's revision of its systemic support considerations; or (3) pressures on the sovereign rating. Moody's says that considerations (2) and (3) are unlikely to materialise at present.

PRINCIPAL METHODOLGIES

The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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 Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Arif K Bekiroglu
Asst Vice President - Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms Sekerbank's Ba1/NP ratings; outlook stable
No Related Data.
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