...Support Drives Ratings: Ziraat Katilim Bankasi A.S. (Ziraat Katilim) Issuer Default Ratings (IDRs) are equalised with those of its 100% owner, T.C. Ziraat Bankasi A.S. (Ziraat; BB+/Stable). Fitch Ratings views Ziraat Katilim as a core subsidiary of state-owned Ziraat considering its important role in offering Islamic banking services and the government's focus on this sector's development. Fitch believes the probability of support from Ziraat is high, if needed. Ziraat Katilim's board members, risk systems and branding are drawn from its parent, reflecting its role in as the sole provider of Islamic banking products for Ziraat Group. Moderate Cost of Support: Supporting Ziraat Katilim would represent a moderate burden for Ziraat. Ziraat Katilim's total assets amounted to 2.6% of Ziraat group assets at end-1H17, or about a quarter of equity. Fitch's believes the Turkish authorities would be likely to support Ziraat, which could be downstreamed to Ziraat Katilim, if needed. Aggressive Growth...
