...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) reflecting Fitch Ratings' view that it is a core subsidiary of Akbank. Aklease is highly integrated with its parent in terms of risk management and IT systems, distribution channels and branding. Aklease's deal flow is also entirely sourced from parent referrals. Senior executives from Akbank participate in all of Aklease's key committees and are also represented on its board. Capital Injections, Group Funding: Aklease has a track record of capital injections (TRY100m in 2013/2014 and TRY60m in Q215) from Akbank. These capital injections funded growth and ensured a minimum total capital ratio at Aklease of a reasonable 14% (17.3% at end-2014). Nevertheless, Aklease's tangible leverage ratio was below the sector average at end-2014 (13.8% versus 18.6%), despite rising yoy. Group funding is moderate (19% of end- 2014 non-equity funding)...
