...Support Driven IDRs: The ratings of Ak Finansal Kiralama A.S. (Aklease) are aligned with those of its majority shareholder Akbank T.A.S. (Akbank; BBB-/Stable). This reflects Fitch Ratings' view that Aklease is a core subsidiary of Akbank. Aklease shares its parent's branding and is highly integrated into Akbank's systems, providing leasing services to the group's customers. Akbank's senior executives are represented on Aklease's board and participate in all key committees. Ownership Boosts Franchise: Aklease is one of Turkey's leading leasing companies. Almost all of Aklease's customers are referrals from the parent bank. The ability to share Akbank's credit and risk management systems, IT platforms and distribution channels strengthens the subsidiary's franchise. Corporate Focus: Aklease's client base comprises mainly larger ticket corporate clients which represent around 80% of receivables; SME customers make up the 20% balance. Narrow margins, reflecting the customer profile, contracted...
