Fitch Ratings has revised the National Long-Term Ratings of Anadolubank A.S.(Anadolubank), Arap Turk Bankasi A.S.(ATB) and Fibabanka Anonim Sirketi (Fiba) to 'BBB(tur)' from 'A-(tur)'.

Fitch has also revised the National Long-Term Rating of Albaraka Turk Katilim Bankasi A.S.(Albaraka) to 'BBB(tur)' from 'BBB+(tur)'. The Outlooks are Positive.

The revision follows the recalibration of Turkiye's National Rating scale, which itself follows the recent upgrade of Turkiye's Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to 'B+'/ Positive from 'B'/Stable.

The banks' other ratings are unaffected by the recalibration.

Key Rating Drivers

The revision reflects changes in Turkiye's National Rating scale solely driven by the recalibration of Fitch's National Ratings Correspondence Table and are not related to credit quality. The Positive Outlooks reflect the same on the banks' LTLC IDRs.

National ratings are a measure of relative credit risk among issuers in a country designed to help local investors differentiate risk. Turkey's national ratings are denoted by the unique identifier '(tur)'. Fitch adds this identifier to reflect the unique nature of the Turkish national rating scale. National scales are not comparable with Fitch's international ratings scales or with other countries' national rating scales. For more details, see ' Fitch Ratings Recalibrates Turkiye's National Rating Scale', dated 28 March 2024, at https://www.fitchratings.com/

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

The National Ratings are sensitive to adverse changes in the banks' LTLC IDRs and to their creditworthiness relative to other Turkish issuers'.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

The National Ratings are sensitive to favourable changes in the banks' LTLC IDRs and to their creditworthiness relative to other Turkish issuers'.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

RATING ACTIONS

Entity / Debt

Rating

Prior

Albaraka Turk Katilim Bankasi A.S.

Natl LT

BBB(tur)

Revision Rating

BBB+(tur)

Fibabanka Anonim Sirketi

Natl LT

BBB(tur)

Revision Rating

A-(tur)

Arap Turk Bankasi A.S.

Natl LT

BBB(tur)

Revision Rating

A-(tur)

Anadolubank A.S.

Natl LT

BBB(tur)

Revision Rating

A-(tur)

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VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

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