RATNGS - Moody's assigns (P)Ba1 rating to Turkey's upcoming sovereign sukuk; positive outlook

www.moodys.com -London, 05 September 2012 -- 5 September 2012 -- Moody's Investors Service has assigned a provisional foreign currency rating of (P)Ba1 to Turkey's proposed US dollar-denominated sovereign sukuk. The outlook is positive.
RATINGS RATIONALE
In Moody's opinion, the obligations that would be incurred by the sukuk rank pari passu with other senior, unsecured debt issuances of the Republic of Turkey and therefore carry the same rating. Moody's expects to remove the provisional status of the rating upon the closing of the proposed issuance and a review of its final terms. (source)

CAPITAL MARKETS - Moody’s move whets appetite for sukuk certificates in liras

www.hurriyetdailynews.com -Turkish participation banks are eager to begin issuing lira based sukuk certificates, as Moody’s upgrades Turkey’s sukuk issue outlook to positive with a ‘Ba1’ ratin.

Moody’s upgraded yesterday its outlook for Turkey’s sukuk issue to positive and gave it a “Ba1” rating on the heels of news that the Turkish Treasury had mandated three international banks – Citigroup, HSBC and Liquidity House – to issue “sukuk certificates,” or Islamic banking vehicles.

The new issue is expected to be completed in two weeks as Turkish banks are eagerly waiting for the Turkish Treasury to finalize the process for a Turkish Lira-based sukuk issuing regulation. Deputy Prime Minister Ali Babacan had previously said on several occasions that the Treasury was working to shape the regulation before the end of 2012.  (source)

RATNGS - Fitch affirms Turkey's Bank Asya; drops ratings

www.reuters.com - (The following statement was released by the rating agency)
Sept 06 - Fitch Ratings has affirmed Turkey-based Asya Katilim Bankasi A.S.'s (Bank Asya) Long-term foreign currency and local currency Issuer Default Ratings (IDR) at 'B+' with Stable Outlook, Short-term foreign and local currency IDRs at 'B', National Long-term rating at 'A-(tur)' with Stable Outlook, Viability Rating at 'b+', Support Rating at '5' and Support Rating Floor at 'NF'. Fitch has simultaneously withdrawn all the ratings. (source)

CAPITAL MARKETS - Al Baraka revives debut sukuk on record-low yields

www.gulfnews.com -Dubai: Nine months after cancelling its debut sale of Islamic bonds because yields were too high, Al Baraka Banking Group’s Turkish unit is back approaching investors as borrowing costs tumble to record lows.

Al Baraka Turk Katilim Bankasi AS will offer as much as $250 million (Dh917 million) of seven-year dollar-denominated sukuks this year, the group’s Chief Executive Officer Adnan Yousuf said by phone on August 27 from Alexandria, Egypt. The average sukuk yield globally has fallen 91 basis points this year to an all-time low of 3.09 per cent, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. The premium to own Islamic debt rather than US Treasuries has narrowed 81 basis points to 204. (source)

RATNGS - Standard and Poors reaffirms Albaraka Turk participation bank's credit rating

www.ameinfo.com - The rating signifies a positive view of Al Baraka Turk Participation Bank and its strong financial fundamentals and position in the Turkish market. The rating reaffirmation is also a confirmation of Al Baraka Turk Participation Bank's good performance that has been consistent over the years.

The Chairman of Al Baraka Turk Participation Bank Mr. Adnan Ahmed Yousif said "The reaffirmation of Al Baraka Turk Participation Bank's ratings by S&P is a considerable accomplishment and points to its strength as an institution that has shown significant flexibility in these times of financial and political uncertainty across the world.

"Al Baraka Turk Participation Bank's Board Member & General Manager Fahrettin Yahşi stated "The rating reaffirmation indicates the success of Al Baraka Turk in pursuing growth and development in all of its business lines despite the challenging market conditions both domestic and international."  (source)

RATINGS - Moody's upgrade

2012 June 20 Moody's Ratings

RATINGS - Moody's upgrades Turkey's ratings

www.hurriyetdailynews.com - The international rating agency Moody's upgraded Turkey's credit rating Wednesday, maintaining the positive outlook as stable, daily Hürriyet reported.

Turkey's previous Ba2 credit was increased to Ba1, which still defines Turkey as "judged to be speculative and subject to credit risk."   (source)

CAPITAL MARKETS - Bank Asya Drops to 4-Month Low as FinansInvest Cuts Rating

www.bloomberg.com - Asya Katilim Bankasi AS (ASYAB), a Turkish Islamic bank, fell the lowest level in almost four months as FinansInvest downgraded the stock on concern the bank’s “problematic” loans will increase.
The shares dropped 3.5 percent to 1.64 liras at the close in Istanbul, the lowest since Jan. 23. The benchmark ISE National 100 Index sank 1.3 percent and the gauge for the banking industry slipped 2.9 percent.
Bank Asya’s recommendation was cut to neutral from outperform and its 12-month price estimate was lowered to 2.20 liras from 2.31 liras at FinansInvest, the Istanbul-based brokerage of Finansbank AS, the Turkish lender owned by National Bank of Greece. (source)

CAPITAL MARKETS - Is Yatirim evaluates Bank Asya

2012 May Isyatirim Bank Asya Report

RATNGS - S&P cuts Turkey rating outlook to stable from positive

www.todayszaman.com  - Standard & Poor's cut the outlook on Turkey's 'BB' sovereign credit rating to stable from positive on Tuesday, saying risks to its creditworthiness had risen as a result of its high debt and worsening terms of trade as demand for its exports weakens.

Data on Tuesday showed Turkey's exports fell 2.9 percent year-on-year in April to $11.41 billion but were 5.9 percent higher, at $45.66 billion, in the first four months of the year.
"Less-buoyant external demand and worsening terms of trade have, in our view, made economic rebalancing more difficult, and have increased the risks to Turkey's creditworthiness given its high external debt and the state budget's reliance on indirect tax revenues," S&P said in a statement.  (source)

RATINGS - JCR-ER Eurasia Ratings signs agreement with Albaraka Turk

2012 April Jcr Albaraka Ratings

RATINGS - Capital Intelligence upgrades KFH-Turkey's rating

www.zawya.com - Capital Intelligence (CI), the international credit rating agency, announced that ithas raised the Financial Strength rating of KFH-Turkey. The rating is raised to'bb+' from 'bb,' underpinned by its very sound asset quality, good capitalprofile and continued good profitability, and the support rating of '2' is affirmed.

TheLong-term Foreign Currency rating is affirmed at 'bb,' while the Short-termForeign Currency rating is affirmed at 'b,' both at the same level as thesovereign rating. All ratings carry a 'Stable' outlook.  (source)

RATINGS - IIRA upgrades credit ratings of Kuveyt Turk Katalim Bankasi

www.islamonline.com - Manama, February 01, 2012 - Islamic International Rating Agency (IIRA) has upgraded the foreign currency ratings of Kuveyt Turk Katalim Bankasi (KTKB (more)

Manama, February 01, 2012 - Islamic International Rating Agency (IIRA) has upgraded the foreign currency ratings of Kuveyt Turk Katalim Bankasi (KTKB) from 'BB+/A-3' (Double B Plus/A-Three) to 'BBB- /A-3' (Triple B Minus/A-Three). Local currency ratings have also been upgraded from 'BBB-/A-3 (Triple B Minus/A-Three) to 'BBB/A-3' (Triple B/A-Three). On the national scale, ratings have been upgraded to A/A-2 (tr) (Single A/ A -Two). Outlook on the assigned ratings is 'Stable'.  (source)

RATINGS - CRaHFT Ranking 2012 | Top 10 Halal Friendly Holiday Destinations 2012 - OIC Countries

#3. Turkey

Every time we think of Turkey, we think "Hmmmm, Baklava...." but Turkey has SO much to offer Halal-conscious vacationers! Turkey's rich history makes it an amazing place to explore - from the remnants of castles and battlegrounds to the thriving Turkish Riviera and the stunning beaches. So kick back, relax and enjoy yourself in Turkey this year! (source)

RATINGS - IIRA upgrades sovereign ratings of the Republic of Turkey

www.theislamicglobe.com - Islamic International Rating Agency (IIRA) has upgraded the long term foreign currency sovereign rating of the Republic of Turkey from ‘BB+’ to ‘BBB-’. The long term local currency sovereign rating has also been upgraded from ‘BBB-’ to ‘BBB’. The short term credit rating on both foreign and local currency scale has been maintained at ‘A-3’. On the national scale, ratings have been reaffirmed at ‘AAA/A-1+(tr)’. Outlook on the assigned ratings is Stable.  (source)

BANKING - Albaraka Turk set to rekindle Turkish corporate sukuk issuance

Another sign of how the dynamics of the global financial crisis, especially the on-going euro zone debt crisis and the credit crunch, are affecting more stable economies in the emerging countries and where relevant including their Islamic finance and especially sukuk market, is the postponement of the proposed sukuk offerings of two of Turkey's participation banks, Al Baraka Turk Katilim Bankasi (Albaraka Turk Participation Bank (ATPB) and Bank Asya.

Both were supposed to close their sukuk offerings by the end of 2012. The general reason for the postponement was adverse market conditions, but in reality they differed for each institution.  (source)

RATINGS - Fitch rates Turkiye Finans 'BBB-'; stable outlook

(The following statement was released by the rating agency)

Dec 15 - Fitch Ratings has assigned Turkey-based Turkiye Finans Katilim Bankasi A.S. (Turkiye Finans) a Long-term foreign currency Issuer Default Rating (IDR) of 'BBB-' and a Viability Rating of 'bb-'. A full list of rating actions is at the end of this comment.  (source)

CAPITAL MARKETS - Fitch ends expected rating on Bank Asya's proposed sukuk

worldseenews.com - Nov 28, 2011 - Fitch withdrew on Friday the expected B+(exp) rating assigned to the proposed sukuk issue of Turkish Islamic Sharia-compliant lender Asya Katilim Bankasi AS (IST:ASYAB), or Bank Asya.  (source)

RATINGS - Lira depreciates sharply after Fitch’s downgrade

The Turkish Lira’s value against the dollar fell 1 percent in one day following a downgrade on the country’s outlook by Fitch Ratings. The bourse closed the day with a 1.7 percent loss. The shift in outlook reflects an increase in near-term risks to stability as Turkey should reduce its current-account gap and inflation rate, Fitch says. (source)

RATINGS - Albaraka Turk's proposed Sukuk Certificates assigned 'BB' Issue Rating

cpifinancial.net  - Standard & Poor's Ratings Services has assigned a 'BB' issue rating on proposed Sukuk certificates to be issued by Bereket Varlik Kiralama Anonim Sirketi (the issuer), a special purpose company (SPC)

Albaraka Turk Katilim Bankasi (Albaraka Turk; BB/Negative/B; Turkey national scale trAA-/--/trA-1) is the obligor and managing agent. The 'BB' rating on the proposed Sukuk certificates is based on the 'BB' long-term counterparty credit rating on Albaraka Turk and the draft documentation of the planned issuance dated 20 November 2011 received from the bank. (source)