ING Bank affirmed on Oyak Bank buy plan - Fitch; Oyak Bank affirmed at S&P |
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Published
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Tue, 19 Jun 2007 17:52
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MUMBAI (Thomson Financial) - Fitch Ratings said it affirmed ING Bank's long-term issuer default rating at 'AA' following the bank's planned acquisition of Turkey's Oyak Bank, while Standard & Poor's Ratings Services said the acquisition will have no impact on ING Bank's ratings.Earlier today the Dutch bank's parent ING Groep NV said it would buy Oyak Bank for 2.673 bln usd.Fitch said ING Bank's ratings reflect its strong franchise, improving profitability, sound asset quality and adequate capitalisation.Fitch also placed Oyak Bank's 'BB-' long-term foreign and local currency issuer default rating on positive ratings watch, pending the outcome of the deal.Separately, Standard & Poor's Ratings Services affirmed Oyak Bank's 'BB-' long and 'B' short-term counterparty credit ratings as stable.S&P said it expects the loss of support from the Turkish government to be compensated for by the Turkish bank's new owners.TFN.newsdesk@thomson.comrsh/ssa/dcaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Intesa Sanpaolo still interested in Turkey, declines to comment on Oyak Bank 