Kuwait - Mubasher: Burgan Bank announced on Thursday that Fitch Ratings has affirmed long term foreign currency issuer default ratings (IDRs) of Turkey’s Burgan Bank A.S. at 'BBB', in a statement to the Kuwait Stock Exchange (KSE).
Fitch believes there is a high probability Burgan Bank Turkey would receive support from its parent in case of need based on its majority ownership. The Turkish subsidiary’s strategic importance to its parent and their common branding increase this probability.
The bank’s long-term foreign currency IDR is constrained by Turkey's 'BBB' country ceiling. Its 'BBB+' long-term local currency IDR also takes into account Turkish country risks, according to Fitch’s statement.
The stable outlook on the bank's long-term IDRs and national rating mirrors that on the Turkish sovereign, it added.
