...Institutional Support Drives IDRs: Burgan Bank A.S.'s (BBT) Issuer Default Ratings (IDRs) are driven by potential support from Kuwait's Burgan Bank (BBK; A+/Stable), whose ratings are driven by support from the Kuwaiti authorities. Fitch Ratings believes there is a high probability BBT would receive support from its parent in case of need based on its majority ownership by and strategic importance to its parent, as evidenced by the bank's integration, significant parent funding and common branding. Country Ceiling Constraint: BBT's Long-Term Foreign-Currency IDR is constrained by Turkey's `BBB' Country Ceiling. Its Long-Term Local-Currency IDR also takes into account Turkish country risks. The Negative Outlook on BBT's IDRs reflects the increased likelihood of a downgrade of the Country Ceiling given the Negative Outlook on Turkey's sovereign rating. Limited Franchise, Weak Profitability: BBT accounted for just 0.5% of sector assets, loans and deposits at end-3Q16. Its strategy focuses...
