...Standalone Strength Drives IDRs: Denizbank A.S.'s Issuer Default Ratings (IDRs) are driven by its standalone financial strength, reflected in the Viability Rating (VR). The VR reflects the bank's strong earnings despite a challenging operating environment, a decent franchise and reasonable asset quality, but also weak capital ratios and an above-peers risk appetite. Parent Support Underpins Ratings: Fitch Ratings classifies Denizbank as a strategically important subsidiary of Sberbank of Russia (BBB-/Negative), which controls 99.85% of Denizbank. This mainly reflects Sberbank's continued commitment to the Turkish market. Fitch believes Sberbank would have a high propensity to provide support if needed. No Direct Impact from Political Tension: Sberbank underlined Denizbank's strategic importance by approving a capital injection of TRY750m after the deterioration of Russia- Turkey relations. Denizbank's domestic funding and franchise were not affected by the political tensions as it is not...
