ISTANBUL 

International credit rating agency Fitch Ratings upgraded the credit rating outlook of nine Turkish banks from "stable" to "positive" on Wednesday.

Fitch said in a statement that the credit rating outlook for nine Turkish banks has been changed from "stable" to "positive," and their Long-Term Foreign-Currency (LTFC) and Long-Term Local-Currency (LTLC) Issuer Default Ratings (IDRs) have been confirmed at "BB-."

"The Outlook change mirrors a recent similar action on Turkiye's 'BB-' LT IDR. The revision of the sovereign's Outlook reflects further reduction in external vulnerabilities following a faster-than expected rise in foreign exchange (FX) reserves since our upgrade in September 2024, the improved quality of reserves and a fall in FX contingent liabilities," Fitch said.

Fitch upgraded the outlooks of the following banks: Ziraat Bank, Türkiye Emlak Participation Bank, Halkbank, Turk Eximbank, Development and Investment Bank of Türkiye, the Industrial Development Bank of Türkiye (TSKB), VakıfBank, Vakif Participation Bank, and Ziraat Participation Bank.