Fitch puts Denizbank on positive watch

Fitch Ratings said it has placed Turkey-based Denizbank AS's local currency issuer default BB-, national long-term A(tur) and support 4 ratings on rating watch positive following the announcement from Belgium-based Dexia that it is planning to acquire 75% of the bank from Zorlu Holding.

At the same time, Fitch said it has affirmed Denizbank's other ratings at foreign currency issuer default BB-, short-term foreign and local currency B and individual C/D.

The outlook on the foreign currency issuer default rating is stable.

Fitch has also affirmed Dexia at IDR AA+ with stable outlook, short-term F1+ and individual A/B.

Fitch said the ratings are affirmed because the potential acquisition of Denizbank is not expected to have any material negative impact on these rating drivers.

However, any integration problems related to this acquisition or any significant deterioration in either Dexia's risk profile or its capitalization, notably in the case of any future acquisitions, would lead to downward rating pressure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.