...Institutional Support Drives IDRs: ICBC Turkey Bank A.S.'s (ICBC Turkey) ratings are driven by institutional support from its 92.8% shareholder, Industrial and Commercial Bank of China Limited (ICBC; A/Stable). The bank, formerly known as Tekstil Bankasi A.S., has undergone a change of branding and strategic objectives following its ownership change in May 2015. Country Ceiling Caps IDRs: Fitch Ratings views ICBC Turkey as a strategically important subsidiary for ICBC based on its majority shareholding, common branding and increasing integration. However, the Long-Term Foreign-Currency IDR is capped by Turkey's `BBB' Country Ceiling. Its Local-Currency Long-Term IDR also takes account of Turkish country risks. Franchise and Prospects: The Viability Rating (VR) reflects ICBC Turkey's limited franchise and weak performance in light of its rapid growth and limited scale. However, the rating also considers the bank's improved prospects from its new owner, which could capture trade flows between...
