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Rating Action:

Moody's downgrades Bankpozitif to Ba1/Not-Prime; affirms BFSR at D (Turkey)

20 Apr 2011

Withdrawal of deposit ratings and assignment of issuer ratings

Frankfurt am Main, April 20, 2011 -- Moody's Investors Service has today downgraded the global local-currency (GLC) deposit ratings of Turkey's Bankpozitif Kredi ve Kalkinma Bankasi A.S. (Bankpozitif) to Ba1/Not-Prime from Baa3/Prime-3 following the downgrade of the ratings of the bank's parent. At the same time, Bankpozitif's Ba3/Not-Prime foreign-currency deposit ratings were affirmed. The outlook on the GLC deposit rating is stable and the outlook on the foreign-currency deposit rating is positive. Furthermore, the rating agency affirmed Bankpozitif's standalone D bank financial strength rating (BFSR) -- mapping to Ba2 on the long-term rating scale -- and has changed the outlook to negative from stable.

Following the downgrade of the GLC deposit ratings and the affirmation of the foreign-currency deposit ratings, Moody's has withdrawn those ratings due to uncertainty in the timing of the granting of a deposit-taking permit to Bankpozitif.

At the same time, Moody's has assigned Ba1/Not-Prime issuer ratings in local and foreign currency. The outlook on the issuer ratings is stable. Moody's says that the issuer ratings more suitably reflect Bankpozitif's funding structure.

RATINGS RATIONALE

BFSR AFFIRMED WITH NEGATIVE OUTLOOK

The affirmation of Bankpozitif's D BFSR reflects the overall adequate financial fundamentals, including solid capitalisation and sound liquidity profile. The affirmation also reflects (i) the constraints on Bankpozitif's marginal franchise; and (ii) its reliance on market funding, which in Moody's view limits its longer-term franchise development prospects in the fast growing, highly competitive and core retail-deposit-funded Turkish banking system.

The bank's profitability was adversely affected in 2009 and 2010 as a result of Bankpozitif lengthening the funding maturity profile by greater use of longer-term market funding and a contraction in its loan portfolio during the 2009 recession in Turkey. This led to a decline in its market share. Although loan growth resumed in late 2010, the rating agency cautions that profitability pressures are adding to the challenges that Bankpozitif faces in materially developing its franchise and strengthening its market share in Turkey. In Moody's view, this is better reflected in the change of the BFSR outlook to negative from stable.

DOWNGRADE OF LOCAL CURRENCY DEPOSIT RATINGS AND SUBSEQUENT WITHDRAWAL OF DEPOSIT RATINGS

The downgrade of the GLC deposit ratings follows Moody's remapping of the standalone C- BFSR (stable outlook) of Bankpozitif's parent bank, Bank Hapoalim B.M. of Israel, to Baa2 from Baa1 on the long-term rating scale (see press release "Moody's downgrades five Israeli banks due to weak profitability"). This serves as a reference point from which to impute bank rating uplift as a result of possible parental support.

Moody's has re-assessed the likelihood of parental support from Bank Hapoalim as moderate, given (i) the lowered level of the parent bank's standalone financial strength rating; and (ii) the slow development of Bankpozitif's franchise in Turkey, demonstrated by Bankpozitif's modest market share and sustained marginal franchise and minor contribution to the parent's franchise. These two factors resulted in Bankpozitif's GLC long-term deposit rating of Ba1 incorporating a one-notch rating uplift from its Ba2 baseline rating.

The stable outlook on the GLC deposit ratings is underpinned by Moody's moderate parental support assumption and the higher rating of the parent compared with that of Bankpozitif. This subdues the effect of any potential downward rating movement of the bank's BFSR on its long-term GLC deposit ratings.

The Ba3/Not-Prime foreign-currency deposit ratings were affirmed (with a positive outlook) and are in all cases constrained by the country ceiling for foreign-currency bank deposits. This results in the assignment of a different and typically lower rating for the foreign-currency deposits, relative to Bankpozitif's rating for its local-currency obligations.

Due to the absence of a deposit-taking permit for Bankpozitif, its Ba1/Not-Prime GLC deposits and Ba3/Not-Prime foreign-currency deposits ratings have been withdrawn.

ASSIGNMENT OF ISSUER RATINGS

Moody's has assigned local and foreign-currency issuer ratings of Ba1/Not-Prime to Bankpozitif, which reflects its ability to honour senior unsecured financial obligations and contracts.

The Ba1/Not-Prime local-currency issuer ratings are backed by Bankpozitif's standalone credit strength equivalent of Ba2, plus one notch of rating uplift, due to the moderate likelihood of support from its majority shareholder, Bank Hapoalim.

The Ba1/NP foreign-currency issuer rating is equal to the Ba1/Not-Prime local-currency issuer rating. The applicable country ceiling for debt ratings in Turkey is Ba1 (with a positive outlook). The outlook of Bankpozitif's foreign-currency issuer rating follows the stable outlook on its local-currency issuer rating.

At present, there is no upward pressure on Bankpozitif's issuer ratings, indicated by the assigned stable outlook. Additional negative pressure could be exerted on the BFSR if (i) the competitive landscape in Turkey severely disrupts the bank's ability to expand its franchise and to generate profits from its core corporate lending business; (ii) the degree of asset quality deterioration weakens so that external capital support is required for the bank; or (iii) Bankpozitif's risk-appetite increases significantly to support the bank's evolving franchise.

The issuer ratings could be downgraded in the event of (i) a multi-notch downgrade of the BFSR; (ii) a downgrade at parent bank level; or (iii) Moody's reconsidering its assumptions for parental support. At present, Moody's considers these three scenarios to be unlikely.

PRINCIPAL METHODOLOGIES

The principal methodologies used in this rating were "Bank Financial Strength Ratings: Global Methodology" published in February 2007, "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007.

Headquartered in Istanbul, Turkey, Bankpozitif had total assets of TRY1.7 billion (USD1.1 billion) under audited IFRS at the end of December 2010.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining 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.

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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
Arif Bekiroglu
Asst Vice President - Analyst
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt am Main
Carola Schuler
MD - Banking
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
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Moody's downgrades Bankpozitif to Ba1/Not-Prime; affirms BFSR at D (Turkey)
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