...Small Highly Rated Group: The combined assets of Finansbank A.S., Turk Ekonomi Bankasi A.S. (TEB), Denizbank A.S. and ING Bank A.S. (INGBT), all majority owned by foreign banks, represent around 14% of banking sector assets in Turkey. The banks are all in the `BBB' range. Parental Support Key: Parental support drives the Long-Term IDRs of Denizbank (whose parent is Sberbank of Russia, BBB/Negative/F3), TEB (BNP Paribas, A+/Stable/F1) and INGBT (ING N.V., A+/Negative/F1+) but not for Finansbank (National Bank of Greece S.A., NBG, B-/Stable/B). NBG has a weak financial profile and, thus, Finansbank's IDRs are driven by its own financial strength. As parent bank IDRs are relatively high, the Long-Term Foreign Currency IDRs of TEB and INGBT are constrained by Turkey's `BBB' Country Ceiling. The exception is Denizbank. Tough Operating Environment: The standalone strength, as reflected by the Viability Ratings (VR) of the four peers, is sensitive to the challenges Turkish banks face this year....
