...Leading Sector Players: The combined assets of Akbank T.A.S., Turkiye Garanti Bankasi A.S., Turkiye Is Bankasi A.S. (Isbank) and Yapi ve Kredi Bankasi A.S. (YKB), all leading privately-owned Turkish banks, represent around 50% of banking sector assets in Turkey. The four banks' broad and diversified franchises are a source of strength for their credit profiles, although pricing power is moderate given heightened competition in the sector. Investment Grade Standalone Ratings: The four banks' Viability Ratings (VR) are aligned at ,,bbb-, indicating reasonable standalone financial strength. Key metrics have shown some deterioration, albeit from very high levels, but are adequate at current VR levels. The four banks share similar strengths and weaknesses, and their risk profiles are highly correlated, dependent to a large degree on macroeconomic developments in Turkey. YKB's IDRs Support-Driven: Standalone strength drives the Long-Term Issuer Default Ratings (IDRs) of Akbank, Garanti and Isbank....
