...VR Drives LTFC IDR: Turkiye Cumhuriyeti Ziraat Bankasi A.S.'s (Ziraat) Long-Term Foreign- Currency (LT FC) Issuer Default Rating (IDR) reflects the concentration of its operations in the high-risk Turkish operating environment, its rapid growth, adequate capitalisation and sufficient FC liquidity. The Negative Outlook reflects pressure on the bank's financial profile from the coronavirus fallout, economic downturn and market volatility. Ziraat was the largest bank in Turkey with market shares of 14%-16% in total assets, loans and deposits at end-1Q20. Potential State Support: Ziraat's `B' Support Rating Floor (SRF) reflects the high propensity of the Turkish authorities to provide support to the bank given its majority state ownership, systemic importance, the record of capital support, the bank's policy role and its wider role in supporting the economy. However, the sovereign's ability to provide support in FC is constrained by its weak net FC reserves position. The LT Local-Currency (LC)...
