CI downgrades credit rating of Burgan Bank’s Turkish unit

By: Mohamed Farouk

Mubasher: Capital Intelligence (CI) has downgraded the long-term foreign currency rating and the financial strength rating (FSR) of 18 Turkish banks, and affirmed short-term foreign currency ratings for all banks at "B".

The Cyprus-based agency has reduced the long-term foreign currency rating of Burgan Bank A.S Turkey to “-BB” from “+BB”.

CI has downgraded the FSR of the Turkish unit of the Kuwaiti lender, Burgan Bank, to “-BB” from “BB”, according to a bourse filing.

Kuwait’s Burgan highlighted that CI’s ratings have not changed for the banks in Turkey, except for one bank, whereas the outlook for the 18 banks was negative.

Mubasher Contribution Time: 09-Sep-2018 06:55 (GMT)
Mubasher Last Update Time: 09-Sep-2018 07:01 (GMT)