Business Services Industry
TURKEY: MOODY'S ASSIGNS BAA1/PRIME-2 LOCAL CURRENCY DEPOSIT RATINGS TO TURK EKONOMI BANKASI.
IPR Strategic Business Information Database, May, 2007
Moody's Investors Service has assigned local currency deposit ratings of Baa1/Prime-2 to Turk Ekonomi Bankasi (TEB). The outlook on the Baa1 long-term local currency deposit rating is positive. TEB's Baa1 local currency deposit rating is derived from (i) the bank's stand-alone creditworthiness as reflected in the D bank financial strength rating (BFSR), which maps to a Baseline Credit Assessment of Baa3, (ii) a high likelihood of support from BNP Paribas -- one of TEB's two controlling shareholders along with the Colakoglu Group (BNP Paribas' Baseline Credit Assessment of Aa3), and (iii) a high likelihood of systemic support, using Turkey's A3 local currency deposit ceiling.
Moody's assumptions with regard to the high likelihood of support from BNP...
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