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Turkiye Vakiflar Bankasi TAO

3068 word report published Jan 30, 2012

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Abstract:

Strong business franchise as the sixth-largest commercial bank in Turkey. Better-than-peers loan loss experience. Lack of geographic diversification. Limited long-term funding, which increases mismatches between its assets and liabilities. Increased vulnerability to systemic shocks, owing to rapid loan growth. The positive outlook on Turkiye Vakiflar Bankasi TAO (Vakifbank) reflects that on Turkey. Bank-specific factors leading to a revision of the ratings appear limited. The bank ratings will therefore be largely driven by future rating actions on Turkey, if any. A positive rating action on the foreign currency rating on the sovereign would trigger a positive rating action on the bank ratings. Any negative rating action on the sovereign would trigger the same rating action on Vakifbank. For instance, we would

Brief Excerpt:

RESEARCH Ratings Definitions PDF Turkiye Vakiflar Bankasi TAO Publication date: 30-Jan-2012 Primary Credit Analyst: Goeksenin Karagoez, Paris (33) 1-4420-6724; goeksenin_karagoez@standardandpoors.com Secondary Contact: Magar Kouyoumdjian,...

Report Type:

Full Report

Ticker:

VAKBN@TI

Issuer:

Turkiye Vakiflar Bankasi TAO

Sector:

Global Issuers, Structured Finance

Country:

Turkey

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

Also from S&P Credit Research

Summary: Turkiye Vakiflar Bankasi TAO $175.00
The positive outlook on Turkiye Vakiflar Bankasi TAO (Vakifbank) reflects that on Turkey. Bank-specific factors leading to a revision of the ratings appear limited. The bank ratings will therefore be largely driven by future rating actions ...
Research Update: Turkey-based Vakiflar Bankasi Ratings Affirmed On Bank Criteria Change; Outlook Positive $175.00
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. ...
Turkiye Vakiflar Bankasi T.A.O. $400.00
Strong commercial position with a large customer deposit base. Adequate capitalization. Robust profitability. High-risk local economy. Limited long-term funding that is increasing vulnerability to asset-liability mismatches. Increased single-name ...
Summary: Turkiye Vakiflar Bankasi T.A.O. $175.00
The ratings on Türkiye Vakiflar Bankasi T.A.O. (VakifBank) reflect Standard and Poor's Ratings Services' view of: The high-risk economic environment in the Republic of Turkey (foreign currency BB/Positive/B; local currency BB+/Positive/B; Turkey ...
Summary: Turkiye Vakiflar Bankasi T.A.O. $175.00
The ratings on Türkiye Vakiflar Bankasi T.A.O. (VakifBank) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Stable/B; local currency BB/Stable/B); vulnerable asset quality; and substantial, ...
Turkiye Vakiflar Bankasi T.A.O. $400.00
Strong brand name and franchise Adequate and stable profitability Limited single-name concentration risks Strong growth potential in Turkey's underbanked market High-risk banking and economic environment in Turkey Vulnerable asset quality Substantial, ...
Summary: Turkiye Vakiflar Bankasi T.A.O. $175.00
The ratings on Türkiye Vakiflar Bankasi T.A.O. (VakifBank) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B); vulnerable asset quality; and substantial, ...
Summary: Turkiye Vakiflar Bankasi T.A.O. $175.00
The ratings on Türkiye Vakiflar Bankasi T.A.O. (VakifBank) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B); the bank's restructuring and rationalization ...

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