Fitch raised TSKB’s loan rating to “BB”
In its statement dated September 17, 2008, Fitch Ratings, a leading global rating agency, announced that it raised TSKB’s (the Industrial Development Bank of Turkey) Long-Term Foreign Currency Based Loan Rating to “BB”, which previously was “BB-”. The Bank’s Long-Term Local Currency (TRY) Based Loan Rating was confirmed as “BB+”, Short-Term Foreign and Local Currency (TRY) Based Loan Rating as “B”, Long-Term National Loan Rating as “AA+(tur)”, Individual Loan Rating as “C/D”, and Support Rating as “3.” The Long-Term Foreign Currency Based Loan Rating and Long-Term National Loan Rating were evaluated as “Static.”
In the statement by Fitch rating agency, it was indicated that since Is Bank Group was the main partner of TSKB, it would provide the required support when necessary. It was also emphasized that TSKB was a strategically important participation within Is Bank. TSKB is Is Bank Group’s largest private development and investment bank in Turkey with a share of 50.1%.
It was stated that TSKB’s loan ratings were supported not only by the Bank’s improved assets quality, strong profitability, powerful capital structure, but also by its unique position as Turkey’s largest development and investment bank.
Acting mainly in the area of investment and development banking, TSKB receives funds from various international and national institutions with which it has strong relations, and makes them available as medium- and long-term loans. The main industries financed by TSKB are energy, infrastructure and construction.
