...Standalone Creditw orthiness Drives Ratings: Turkiye Cumhuriyeti Ziraat Bankasi A.S.'s (Ziraat) Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) is driven by its Viability Rating (VR). This reflects its exposure to the high-risk and volatile Turkish operating environment, w hich raises risks to performance, asset quality, capitalisation, funding and liquidity. It also reflects the bank's solid franchise (ranked first by total assets) and policy role. Support Underpins IDRs: Ziraat's LTFC IDR is underpinned by state support (Support Rating Floor: B+), if needed, based on its majority state ow nership, systemic importance, policy role, state-related funding and record of support. How ever, limited net sovereign foreign exchange (FX) reserves and the potential for stress in Turkey's external finances constrain Fitch Ratings' assessment of support. Ziraat's LTLC IDR is equalised w ith the sovereign rating, one notch above the bank's LTFC IDR, reflecting the sovereign's stronger...
