...Support Drives Ratings: Alternatifbank A.S.'s (ABank) Issuer Default Ratings (IDRs) are driven by potential support from its 100% owner, The Commercial Bank (Q.S.C) (A+/Stable), whose own ratings are driven by support from the Qatari authorities. Fitch Ratings believes there is a high probability that ABank would receive support from its parent, if needed, based on its 100% ownership, strategic importance and the record of support. Country Ceiling Constraint: The Long-Term Foreign-Currency IDR is constrained by Turkey's `BBB-' Country Ceiling while its Local-Currency IDR takes into account country risks. In addition, The Commercial Bank's ability to provide support could be moderately constrained by Qatari regulatory limits governing the amount of support that banks can extend to foreign subsidiaries. Limited Franchise: ABank had shares of below 1% of sector assets, deposits and loans at end-2016 implying limited competitive advantages. Its weak performance follows a change in strategy,...
