...Support to Drive IDR: The ratings of Tekstil Bankasi A.S. (Tekstilbank) are currently driven by the bank's standalone financial strength, measured by its Viability Rating (VR). Industrial and Commercial Bank of China's (ICBC; A/Stable) acquisition of Tekstilbank is likely to receive regulatory approval in 2H14, which would mean institutional support would drive the bank's Issuer Default Ratings (IDRs) and Long-term National Rating. Future Rating Levels: Tekstilbank will probably see a multi-notch upgrade of its Long-Term IDRs, National and Support Ratings if the acquisition is successful. The bank's Long-Term foreign currency IDR will most likely be upgraded to 'BBB', Turkey's Country Ceiling. Niche Franchise: Tekstilbank is a boutique bank, providing loans and services to select corporate and commercial customers. Tailor-made loans are prominent among its largest exposures. Its retail business is small (between 10% and 15% total loans). Overall loan growth has been negligible for several...
