Fitch trims Turkish banks

Fitch Ratings said it downgraded its long-term foreign-currency issuer default ratings for a group of Turkish banks to B- from B. The outlooks for the banks are negative.

The downgrades follow the July 8 lowering of Turkey’s sovereign to B from B+ with a negative outlook, the agency said.

The banks are Akbank TAS, Fibabanka AS, QNB Finansbank AS, Turk Ekonomi Bankasi AS, Turkiye Garanti Bankasi AS, Turkiye Is Bankasi AS, Turkiye Sinai Kalkinma Bankasi AS, Turkiye Vakiflar Bankasi TAO, Yapi ve Kredi Bankasi AS, Turkiye Ihracat Kredi Bankasi AS and Odea Bank AS.

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