Fitch Ratings, the international credit rating agency, announced Turkish Iller Bank's (Ilbank) credit rating as BBB-, with a rating outlook "stable" at "investment grade."
According to the statement issued by Turkish Ministry of Environment and Urbanization, Ilbank, a sub-institution of the ministry, was rated by Fitch Ratings for the first time.
The long term domestic currency credit rate of Ilbank was affirmed at BBB- level, long term national currency credit rate at AAA and short term foreign currency credit rate as F3 and the outlook as "stable", the statement also said.
Iller Bank Director General Tuncay Karaman said they applied to Fitch Ratings Company for a credit rating as they closely follow the developments in banking and finance.
Stressing their fund-raising efforts from the international market in recent years, Karaman stated they regard the positive rating results as important to display the active structure, capital power and credit quality of Iller Bank in the sector.
"This rating, for the first time after nearly 20 years, indicates Turkey's strong economy, positive growth expectations, stabilized public finance, positive debt indicators and the efficiency of the strong and deepening finance system," added Karaman.
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