...Support-Driven Ratings: Turk Ekonomi Bankasi A.S.'s (TEB) IDRs and National Rating are driven by potential support from its majority shareholder, BNP Paribas (BNPP; ultimate 72.3% stake). This is based on its ownership, strategic importance, integration and the track record of support to date. Operating Environment: The ratings consider TEB's exposure to the volatile Turkish environment, which continues to be characterised by uneven economic growth, interest and exchange rate volatility and some policy tensions. The Long-Term IDR is capped at the Country Ceiling, while the Local-Currency Long-Term IDR also takes into account country risks. Reasonable Asset Quality: TEB's Viability Rating (VR) considers its sound asset-quality track record. The bank's end-2014 impaired loans/total loans ratio of 2.5% was below the 3.3% peer average and reflects a more moderate risk appetite and tighter underwriting standards than peers. Restructured loans amounted to a further 1%. Foreign-currency denominated...
