Frankfurt, September 24, 2009 -- Moody's Investors Service has today changed the outlook on the B1 foreign
currency deposit ratings of 15 Turkish banks to positive from stable.
These rating actions are the direct result of Moody's recent decision
to change the outlook on Turkey's B1 country ceiling for foreign currency
deposits to positive from stable, on 18th September, 2009.
The foreign currency deposit ratings of all 15 rated banks are constrained
by the current ceiling of B1 for such deposits in Turkey.
Moody's notes that the actions on the banks' foreign currency
deposit ratings do not affect other ratings assigned to the banks.
As such, the local currency deposits and the national scale ratings
for some of the listed banks remain on review for possible downgrade,
which is being carried out as part of Moody's global review of the
systemic support available to all banking systems. (For further
details, please refer to Moody's press release entitled "Moody's
reviews Turkish banks' ratings" dated 3 August 2009.) Moody's
expects to conclude these rating reviews in the coming weeks.
LIST OF RATING ACTIONS
The following rating actions were taken today:
(i) Akbank AS: the outlook on the B1 long-term foreign currency
deposit rating was changed to positive from stable.
(ii) Anadolubank: the outlook on the B1 long-term foreign
currency deposit rating was changed to positive from stable.
(iii) Asya Katilim Bankasi AS: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
(iv) Bankpozitif: the outlook on the B1 long-term foreign
currency deposit rating was changed to positive from stable.
(v) Denizbank: the outlook on the B1 long-term foreign currency
deposit rating was changed to positive from stable.
(vi) Eurobank Tekfen: the outlook on the B1 long-term foreign
currency deposit rating was changed to positive from stable.
(vii) Finansbank: the outlook on the B1 long-term foreign
currency deposit rating was changed to positive from stable.
(viii) HSBC Bank AS: the outlook on the B1 long-term foreign
currency deposit rating was changed to positive from stable.
(ix) T.C. Ziraat Bankasi: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
(x) Turk Ekonomi Bankasi: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
(xi) Turkiye Garanti Bankasi: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
(xii) Turkiye Is Bankasi: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
(xiii) Turkiye Sinai Kalkinma Bankasi: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
(xiv) Turkiye Vakiflar Bankasi: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
(xv) Yapi ve Kredi Bankasi: the outlook on the B1 long-term
foreign currency deposit rating was changed to positive from stable.
The ratings of Export Credit Bank of Turkey, Finans Finansal Kiralama,
Ekspo Faktoring and C-Faktoring, are not affected by this
rating action.
PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES
The last rating action on Akbank AS was implemented on 3 August 2009,
when its A3 long-term local currency deposit rating was placed
on review for possible downgrade. Its other ratings were unaffected.
The last rating action on Anadolubank was implemented on 3 August 2009,
when its Ba1 long-term local currency deposit rating was placed
on review for possible downgrade. Its other ratings were unaffected.
The last rating action on Asya Katilim Bankasi AS was implemented on 3
August 2009, when its Ba1 long-term local currency deposit
rating and A1.tr/TR-1 national scale ratings were placed
on review for possible downgrade. Its other ratings were unaffected.
The last rating action on Bankpozitif was implemented on 3 August 2009,
when its Baa3/Prime-3 local currency deposit ratings were affirmed
with a stable outlook. Its other ratings were unaffected.
The last rating action on Denizbank was implemented on 3 August 2009,
when its Baa1 long-term local currency deposit rating was placed
on review for possible downgrade. Its other ratings were unaffected.
The last rating action on Eurobank Tekfen was implemented on 3 August
2009, when its Ba1/Not Prime local currency deposit ratings were
affirmed with a stable outlook. Its other ratings were unaffected.
The last rating action on Finansbank was implemented on 3 August 2009,
when its A3/Prime-2 local currency deposit ratings were affirmed.
Its other ratings were unaffected.
The last rating action on HSBC Bank AS was implemented on 3 August 2009,
when its A3/Prime-2 local currency deposit ratings were affirmed
with a stable outlook. Its other ratings were unaffected.
The last rating action on T.C. Ziraat Bankasi was implemented
on 3 August 2009, when its Baa1/Prime-2 local currency deposit
ratings were placed on review for possible downgrade. Its other
ratings were unaffected.
The last rating action on Turk Ekonomi Bankasi was implemented on 3 August
2009 when its Baa1 long-term local currency deposit rating was
placed on review for possible downgrade. The outlook on the bank's
D+ BFSR was changed to stable from positive.
The last rating action on Turkiye Garanti Bankasi was implemented on 3
August 2009, when its A3 long-term local currency deposit
rating and Aaa.tr long-term national scale rating were placed
on review for possible downgrade. Its other ratings were unaffected.
The last rating action on Turkiye Is Bankasi was implemented on 3 August
2009, when its A3/Prime-2 local currency deposit ratings
were placed on review for possible downgrade. The outlook on the
bank's D+ BFSR was changed to stable from positive.
The last rating action on Turkiye Sinai Kalkinma Bankasi was implemented
on 3 August 2009, when its Baa1/Prime-2 local currency deposit
ratings were placed on review for possible downgrade. Its other
ratings were unaffected.
The last rating action for Turkiye Vakiflar Bankasi was implemented on
3 August 2009, when its Baa1/Prime-2 local currency deposit
ratings were placed on review for possible downgrade. Its other
ratings were unaffected.
The last rating action for Yapi ve Kredi Bankasi was implemented on 3
August 2009, when its A3 local currency deposit rating and Aaa.tr
national scale rating were placed on review for possible downgrade.
The outlook on the bank's D+ BFSR was changed to stable from positive.
The principal methodologies used in rating the Turkish banks are "Bank
Financial Strength Ratings: Global Methodology" and "Incorporation
of Joint-Default Analysis into Moody's Bank Ratings: A Refined
Methodology", which can be found on www.moodys.com
in the Rating Methodologies sub-directory under the Research &
Ratings tab. Other methodologies and factors that may have been
considered in the process of rating the Turkish banking system can also
be found in the Rating Methodologies sub-directory on Moody's
website.
Frankfurt
Arif Bekiroglu
Analyst
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Frankfurt
Carola Schuler
Managing Director
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's changes outlook on Turkish banks' foreign currency deposit ratings to positive from stable