... T.A.S's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) reflects the concentration of its operations in the high risk Turkish operating environment, balanced by its significant capital and FC liquidity buffers. Negative Outlook: The Outlook on Akbank's IDRs reflects heightened pressure on its credit profile, given the economic downturn and financial market volatility resulting from the pandemic. Fitch Ratings forecasts GDP will contract 3.9% in 2020. Regulatory forbearance will support the bank's reported financial metrics in the short-term. Solid Franchise: Akbank is a systemically important bank in the domestic market. It was the seventh largest bank in Turkey at end-1Q20. The bank has a consistent record of reasonable financial metrics, underpinned by its generally moderate growth and conservative risk appetite. Heightened Asset-Quality Risks: We expect underlying asset quality to deteriorate given Akbank's high (in line...
