Leading financial rating agency Fitch upgraded Turkey's Is Bankasi rating on Wednesday. In a statement issued by Fitch Is Bankasi's long-term currency rating has been upgraded to 'BB' from 'BB-' (BB minus). At the same time, the agency has upgraded Is Bankasi's individual rating to 'C' from 'C/D' and its national long-term rating to 'A+' from 'A'.
The bank's long-term foreign currency, short-term foreign and local currency, and support ratings are affirmed at 'BB-', 'B' and '4' respectively. The outlooks on all the long-term ratings remain stable.
The upgrades are driven by Is Bankasi's stronger and consistent profitability, continued solid funding structure, improved asset quality measures and good capitalization, said the Fitch statement.