Fitch Upgrades Long-term Ratings of Turkish Banks -- Correction.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , LONDON London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. & ISTANBUL, Turkey--(BUSINESS WIRE)--Oct. 2, 2003 The following press release corrects that published yesterday, 1 October 2003. Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. confirms that the press release issued yesterday should have stated that the Long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. rating Outlooks for FINANSBANK, OYAK BANK Oyakbank is a financial subsidiary of Oyak (Turkish Army Members Solidarity Fund) and acts in financial area since the 1990's. Bank of Boston; ,renamed to The First National Bank of Boston,operated since 1990 as a four corporated Turkish bank,Alarko,Cerrahoğlu and Oyak. A.S. and TURKIYE SINAI KALKINMA BANKASI have been revised to Stable from Positive, at the same time that their Long-term foreign and local currency ratings have been upgraded to 'B' from 'B-'. Fitch Ratings, the international rating agency, has today upgraded the Long-term foreign currency and local currency ratings of a number of Turkish banks, listed below, following its upgrade of the Republic of Turkey's sovereign rating on September 25 (see 'Fitch Upgrades Republic Of Turkey To 'B'; Outlook Positive' press release). Additionally, Fitch fitch: see polecat. has changed the Support ratings of certain banks to '4' from '5'. Although the agency firmly believes that the propensity of the Turkish authorities to support its banking system is virtually unquestioned, its ability to do so may be limited in certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , despite the improvement in the country's fiscal position as reflected in the recent sovereign upgrade. Nevertheless, Fitch believes that, should it be necessary, support would more likely to be forthcoming for institutions that are 100%-owned by the government (Pamukbank, T.C. Ziraat Bankasi, Turkiye Halk Bankasi, and Turkiye Kalkinma Bankasi) and for several large private commercial banks (Akbank, Turkiye Garanti Bankasi, Turkiye Is Bankasi, Turkiye Vakiflar Bankasi, and Yapi ve Kredi Bankasi) that Fitch considers to be systemically important. The agency has additionally changed the Support rating of HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) A.S. to '4' from '5' to reflect a continued strong willingness of its owner, HSBC Holdings, to support the bank if needed, as well as a reduced likelihood of sovereign intervention A procedure used in a lawsuit by which the court allows a third person who was not originally a party to the suit to become a party, by joining with either the plaintiff or the defendant. in payment flows. Banks whose ratings are affected: AKBANK: Long-term foreign currency rating ("LTFC LTFC Luton Town Football Club LTFC La Touche Fencing Club (Southlake, Texas) ") upgraded to 'B' from 'B-' (B minus), Outlook Positive; Long-term local currency rating (LTLC") upgraded to 'B+' from 'B', Outlook Positive; Support rating changed to '4' from '5'; DENIZBANK: LTFC AND LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at '5'; DISBANK: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating affirmed at '5' FINANSBANK: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook revised to Stable from Positive; Support rating affirmed at '5'; GARANTI FACTORING: LTFC AND LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating affirmed at '5'; GARANTI FINANSAL KIRALAMA: LTFC AND LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating affirmed at '5'; HSBC BANK A S: LTFC and LTLC ratings upgraded to 'B' from 'B-'(B minus), Outlook Positive; Support rating changed to '4' from '5'; KOC KOC Knights of Columbus KOC Kings of Chaos (gaming) KOC Kuwait Oil Company KoC Knights of Cydonia (Muse song) KOC Kiss on the Cheek KOC Kuwait Olympic Committee KOC Kids of Cracatau BANK: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating affirmed at '5'; OYAK BANK A.S.: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook revised to Stable from Positive; Support rating affirmed at '5'; PAMUKBANK: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating changed to '4' from '5'; T. C. ZIRAAT BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support changed to '4' from '5'; TURK EKONOMI BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating affirmed at '5'; TURKIYE GARANTI BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating changed to '4' from '5'; TURKIYE HALK BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating changed to '4' from '5'; TURKIYE IS BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating changed to '4' from '5'; TURKIYE KALKINMA BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating changed to '4' from '5'; TURKIYE SINAI KALKINMA BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook revised to Stable from Positive; Support rating affirmed at '5'; TURKIYE VAKIFLAR BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating changed to '4' from '5', and YAPI VE KREDI BANKASI: LTFC and LTLC ratings upgraded to 'B' from 'B-' (B minus), Outlook Positive; Support rating changed to '4' from '5'. Note: Support Ratings are Fitch's assessment of a potential supporter's (either a sovereign state's or an institutional owner's) propensity to support a bank and of its ability to support it. Its propensity to support is a judgement made by Fitch Ratings. Its ability to support is set by the potential supporter's own Fitch Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. rating. Support ratings have a direct link to Long-term debt ratings, but they do not, nevertheless, assess the intrinsic intrinsic /in·trin·sic/ (in-trin´sik) situated entirely within or pertaining exclusively to a part. in·trin·sic adj. 1. Of or relating to the essential nature of a thing. 2. credit quality of a bank. They communicate Fitch Ratings' judgement on whether the bank would receive support should this become necessary. |
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