Fitch upgrades Şekerbank’s rating for the third time in the last two years

International credit rating agency Fitch Ratings, has upgraded Şekerbank's Long-Term National Rating to "BBB+(tur)" from "BBB(tur)" and revised the Outlooks on Bank's Long-Term Foreign Currency and Long-Term Local Currency ratings from negative to stable. The strengthened capital structure of the bank, underpinned by continual improvements in profitability and asset quality, has been the main driver of the rating decision. 

International credit rating agency Fitch Ratings, raised Şekerbank's Long-Term National Rating twice in May 2022 and May 2023. This time, the rating has been upgraded from "BBB(tur)" to "BBB+(tur)" reflecting the steady improvement in the bank's financial performance. 

It is stated in the announcement by Fitch that the rating decision reflects the bank's growing creditworthiness in local currency aligned with the fortified capital structure resulting from enhanced profitability and improved asset quality.

Additionally, Fitch revised the Long-Term Foreign Currency and Long-Term Local Currency rating outlooks of Şekerbank from negative to stable, affirming the ratings at "B-".