| Abstract: | Following a review under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'BB/B' ratings and 'trAA/trA-1' Turkish national scale ratings on Turkiye Vakiflar Bankasi TAO (Vakifbank). The outlook is positive. Our ratings on Vakifbank reflect the bank's 'bbb-' anchor, as well as its adequate business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity. The positive outlook reflects that on the sovereign. As previously announced on Dec. 1, 2011, Standard&Poor's Ratings Services affirmed its counterparty credit ratings on Vakifbank at 'BB/B' and its Turkish national scale ratings at 'trAA/trA-1'. The outlook is positive. The ratings on Vakifbank reflect its "adequate" business position, "adequate" capital and earnings, "adequate" risk
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