Fitch cuts Sekerbank notes

Fitch Ratings said it downgraded Sekerbank TAS’ subordinated notes’ rating by one notch to CCC from CCC+ and removed from under criteria observation. It also placed the rating on rating watch negative along with Sekerbank’s B- long-term issuer rating.

The downgrade is in line with the change in Fitch’s baseline notching from the anchor rating for loss-severity to two notches from one notch in the agency’s revised bank rating criteria, reflecting the agency’s expectation of poor recoveries in case of default, Fitch said.

“The RWN reflects the bank’s weakened capital position amidst the coronavirus fallout, and uncertainty surrounding the sufficiency and timeliness of core capital strengthening measures,” Fitch said in a press release.

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