...Support Drives Ratings: Denizbank A.S.'s Issuer Default Ratings (IDRs) are driven by support from its 99.85% owner, Sberbank of Russia (BBB-/Positive/bbb-). Fitch Ratings believes support for Denizbank from Sberbank would be forthcoming based on its ownership, integration with and strategic importance to its parent, and the record of support. The Positive Outlooks on Denizbank's Long-Term IDRs mirror those on Sberbank and indicate the potential for Sberbank's ability to provide support to increase. Potential Sale: Sberbank recently confirmed that Emirates NBD PJSC (A+/Stable) has expressed an interest in acquiring Denizbank. However, no further announcements have been made as to the scope, likelihood or timing of any sale. We believe that Sberbank will continue to have a high propensity to support Denizbank while it remains part of the Sberbank group. Fairly Weak Capitalisation: A below-peers' Fitch Core Capital ratio of 10.5% at end-2017 was only adequate considering Denizbank's heightened...
