...Support-Driven Ratings: The Issuer Default Ratings (IDRs) of Ak Finansal Kiralama A.S. (Aklease) are equalised with those of its 100% parent, AKBANK T.A.S. (B/Outlook Positive/b/Rating Watch Positive; RWP), reflecting Fitch Ratings' view that Aklease is a core and highly integrated subsidiary. The ratings are underpinned by potential shareholder support, but capped at `B' by the parent's Long-Term Foreign Currency IDR, due to our assessment of potential intervention risk from the Turkish government. The Positive Outlook on the Long-Term Foreign Currency IDR and RWP on the Long-Term Local Currency IDR mirror those on the parent. Highly Integrated Subsidiary: Aklease has the same branding as its parent, and is highly integrated into Akbank's risk and IT systems. Aklease draws most of its board, senior management, and underwriting practices from its parent bank. Prudent Lease Portfolio Growth: Fitch estimates that Aklease's lease portfolio grew by 23.2% in 2023 on a foreign-exchange (FX) adjusted...
