| Abstract: | Following a review under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'BB/B' long- and short-term ratings on Turkey-based Albaraka Turk Katilim Bankasi (Albaraka Turk). Our ratings on Albaraka Turk reflect the bank's 'bbb-' anchor, as well as its moderate business position, moderate capital and earnings, moderate risk position, average funding, and adequate liquidity, as defined by our criteria. The negative outlook reflects our negative view of its lending strategy and the subsequent pressure on its capitalization and future asset quality. As previously announced on Dec. 14, 2011, Standard&Poor's Ratings Services affirmed its long- and short-term counterparty credit ratings on Turkey-based Albaraka Turk Katilim Bankasi (Albaraka Turk) at 'BB/B'. The outlook is
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