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Rating Action:

Moody's affirms all Finansbank's ratings, raises BCA to b1; changes outlook to stable

19 Dec 2013

Ba3 issuer rating of subsidiary FinansLeasing is affirmed and outlook changed to stable from negative

Frankfurt am Main, December 19, 2013 -- Moody's Investors Service has today affirmed all the ratings of Turkey's Finansbank A.S., and changed the outlook on the BFSR and all of the bank's long-term ratings to stable from negative. At the same time, Moody's has raised the bank's baseline credit assessment (BCA) to b1 from b2 and assigned a provisional (P) Ba2 long-term local-currency and (P) Not Prime short-term local- and foreign-currency senior unsecured debt ratings to the GMTN programme.

The raising of Finansbank's BCA incorporates Moody's opinion that the credit quality of parent banks and their subsidiaries are typically linked and reflects the improvement of the fundamental credit profile of the bank's parent, National Bank of Greece, S.A. (NBG, deposits Caa1/Not Prime, stable; BFSR/BCA E/caa2 stable). Finansbank's BCA therefore remains four notches above the level of NBG's standalone strength.

Additionally, Moody's affirmed the Ba3 issuer and corporate family rating (CFR) and b3 BCA of Finansbank's domestic subsidiary Finans Finansal Kiralma A.S. (FinansLeasing), and changed the outlook on the subsidiary's ratings to stable from negative.

Today's actions on Finansbank and FinansLeasing follow the rating action on NBG, see "Moody's takes positive rating actions on five Greek banks", published 6 December 2013.

Please refer to the end of this press release for a list of affected ratings.

RATINGS RATIONALE

--- FINANSBANK -- AFFIRMATION OF DEPOSIT AND DEBT RATINGS

Moody's affirmation of Finansbank's deposit rating coincides with the affirmation of the bank's BFSR and continues to incorporate Moody's assessment of a high probability of systemic (government) support for Finansbank, given its importance to the Turkish financial system, with a 4% market share of deposits. The high support assumptions incorporated into the long-term ratings now provide two notches (previously three notches) of systemic support uplift from the bank's BCA, as the raising of Finansbank's BCA to b1 from b2 did not translate into an upward rating movement on the bank's long-term ratings.

The affirmation of the ratings on Finansbank's foreign-currency senior unsecured debt and GMTN programme follows the affirmation of the bank's long-term deposit ratings, as these ratings are at the same level (Ba2) and are not constrained by the applicable country ceilings. The long-term local-currency and short-term local- and foreign-currency senior unsecured debt ratings assigned to the GMTN programme are in line with Finansbank's GLC deposit ratings and are not constrained by the applicable ceilings.

The stable outlook on these ratings reflects the stable outlook on Finansbank's and NBG's standalone credit profile.

--- FINANSBANK -- AFFIRMATION OF BFSR AND THE RAISING OF THE BCA

The affirmation of Finansbank's BFSR of E+ and raising the BCA to b1 reflects Moody's assessment of the level of interconnectedness between Finansbank's overall risk profile and that of its parent NBG, and the likelihood that improvements in NBG's creditworthiness will reduce the level of potential stress within the group and ultimately diminish any contagion risk to Finansbank. The affirmation of Finansbank's BFSR follows the affirmation of NBG's BFSR, and the raising of Finansbank's BCA by one notch follows a similar change on NBG's BCA.

Furthermore, the raising of Finansbank's BCA takes into account the bank's satisfactory performance over recent years, despite credit pressures stemming from the previously sharp deterioration in NBG's risk profile. Additionally, the upwardly revised BCA reflects (1) Finansbank's low dependence on funding from NBG, with financing limited to 3% of its balance sheet in the form of Tier 2 capital; (2) Finansbank's purely domestic focus, which reflects the low operational inter-linkages between Finansbank and NBG; and (3) the regulatory environment in Turkey, which aims to ring-fence the domestic subsidiary.

The stable outlook on Finansbank's BFSR reflects the stable outlook on the parent's ratings.

--- FINANSLEASING - AFFIRMATION OF ISSUER RATING AND BCA

The affirmation of FinansLeasing's Ba3 issuer and corporate family ratings and the change in outlook to stable follows the affirmation and the change in outlook on the ratings of the parent (Finansbank) and FinansLeasing's BCA. FinansLeasing's ratings incorporate Moody's assessment of a high probability of support from Finansbank, its domestic 69.1% shareholder. According to our Joint Default Analysis (JDA) methodology, the likelihood of systemic support for financial subsidiaries with a controlling shareholder in the same country is incorporated into the rating through the parent's supported rating. The affirmation of FinansLeasing BCA and the change in outlook to stable from negative reflects its satisfactory performance and improvement of the group's risk profile.

WHAT COULD MOVE THE RATINGS UP/DOWN

Upward rating pressure could materialise following (1) positive developments regarding the creditworthiness of NBG; and (2) any further clarity on the future ownership structure of Finansbank that could potentially de-link the creditworthiness of Finansbank and FinansLeasing from that of NBG.

If NBG's BCA is raised further, Moody's would expect more muted upward pressure on Finansbank's BCA and subsequently on the long-term deposit and debt ratings. This reflects Moody's opinion of inter-linkages between the credit profiles of parents and their subsidiaries, where the notching difference of a subsidiary's BCA above its parent will narrow down to maximum of two notches, further up the rating scale.

A downgrade of assigned ratings could be triggered by (1) adverse credit developments in NBG's credit profile (i.e. its BFSR and BCA); (2) a deterioration of Finansbank's and FinansLeasing's own intrinsic credit characteristics; (3) any weakening in Moody's systemic support assumptions for Finansbank's ratings, or parental support assumption for FinansLeasing's ratings; and/or (4) a lower applicable country debt ceiling that will, in turn, constrain the assigned ratings.

LIST OF AFFECTED RATINGS OF FINANSBANK

Ratings affirmed:

-- Ba2 and Not-Prime long-term and short-term local- and foreign-currency deposit ratings

-- Ba2 foreign-currency senior unsecured debt rating

-- E+ standalone bank financial strength rating (BFSR)

-- Provisional (P) Ba2 long-term foreign-currency senior unsecured debt rating assigned to Finansbank's global medium-term note (GMTN) programme.

Ratings assigned:

-- Provisional (P) Ba2 long-term local-currency and (P) Not Prime short-term local- and foreign-currency senior unsecured debt ratings to the GMTN programme.

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating Finansbank A.S was Global Banks published in May 2013. The principal methodologies used in rating Finans Finansal Kiralma A.S. was Finance Company Global Rating Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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 all Finansbank's ratings, raises BCA to b1; changes outlook to stable
No Related Data.
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