... T.A.S.'s ratings are driven by its standalone creditworthiness, as reflected in its Viability Rating (VR). The ratings consider its strong franchise and consistent and reasonable financial metrics. However, they also consider the concentration of the bank's operations in the volatile Turkish market and high single-name concentration risk. Solid Franchise: Akbank is a leading Turkish bank with a 9.8% share of sector assets at end- 1H17 (ranked fourth), underpinning a certain level of earnings generation and stability. Asset-Quality Pressures: Non-performing loans (NPLs, loans overdue by 90 days) have been consistently low and were below most peers' at end-9M17. However, risks remain considering single-name concentration, restructured and watch-list loans, exposure to some risky sectors and high foreign-currency (FC) lending (given potential further Turkish lira depreciation). Mitigating the latter risk is the fact that the exposures are...
