OREANDA-NEWS. Fitch Ratings has affirmed the National Long-Term Ratings of 23 Turkish financial institutions, following its recalibration of the Turkish National Ratings Scale. The recalibration of the Turkish National Ratings Scale follows the recent downgrade of Turkey's Long-term Local Currency Issuer Default Rating (IDR) to 'BBB-' from 'BBB' as a result of the application of criteria changes to Turkey's ratings (see 'Fitch Applies Criteria Changes to Turkey's Ratings' dated 22 July 2016 at www. fitchratings. com).

A full list of rating actions is available at www. fitchratings. com or by clicking on the link above. The entities' other ratings are unaffected following the National Scale recalibration.

The affirmation of the 23 entities' National Ratings reflects Fitch's view that their credit profiles relative to others in the Turkish market have not changed significantly following the downgrade of the sovereign's Long-term Local Currency IDR. Fitch reviewed the National Ratings of those Turkish financial institutions whose Local Currency IDRs could map to different ranges of National Ratings following the National scale recalibration. The National Ratings of other Turkish financial institutions are unaffected by the review.

KEY RATING DRIVERS

For Key Rating Drivers and Rating Sensitivities see our most recent rating action commentaries on each issuer, referenced below:

The National Long-Term Ratings of state-owned commercial banks T. C. Ziraat Bankasi A. S., Turkiye Halk Bankasi A. S., and Turkiye Vakiflar Bankasi T. A.O. have been affirmed at 'AAA(tur)' with a Stable Outlook. See 'Fitch Affirms Three Turkish State-Owned Commercial Banks 'BBB-'' dated 15 October 2015 at www. fitchratings. com for full rating rationale and disclosures.

The National Long-Term Ratings of development banks Turkiye Kalkinma Bankasi, Turkiye Sinai Kalkinma Bankasi, and Turkiye Ihracat Kredi Bankasi have been affirmed at 'AAA(tur)' with a Stable Outlook. See 'Fitch Affirms Turkey's Development Banks at 'BBB-'; Outlook Stable' dated 15 October 2015 at www. fitchratings. com for full rating rationale and disclosures.

The National Long-Term Rating of Turkey's central clearing counterparty Istanbul Takas ve Saklama Bankasi A. S. has been affirmed at 'AAA(tur)' with a Stable Outlook. See 'Fitch Rates Turkish Clearing House Takasbank 'BBB-'; Outlook Stable' dated 13 April 2016 at www. fitchratings. com for full rating rationale and disclosures.

The National Long-Term Ratings of Akbank T. A.S., Turkiye Is Bankasi A. S. and BankPozitif Kredi ve Kalkinma Bankasi A. S. have been affirmed at 'AA+(tur)' with a Stable Outlook.

See 'Fitch Affirms 4 Large Privately-Owned Turkish Banks' dated 10 June 2016 at www. fitchratings. com for full rating rationale and disclosures on Akbank and IsBank.

See 'Fitch Affirms 6 Small Turkish Banks' dated 12 February 2016 at www. fitchratings. com for full rating rationale and disclosures on BankPozitif.

The National Long-Term rating of Denizbank A. S. has been affirmed at 'AA(tur)' with a Stable Outlook. See 'Fitch Affirms 3 Turkish Foreign-Owned Banks; Finansbank Remains on Positive Watch' dated 17 March 2016 at www. fitchratings. com for full rating rationale and disclosures.

The National Long-Term Ratings of Sekerbank T. A.S., Fibabanka A. S. (Fiba) and Arap ve Turk Bankasi (ATB) have been affirmed at 'A+(tur)'. The Outlook on Sekerbank's National Long-Term rating is Negative. The Outlook is Stable on Fiba and ATB.

See 'Fitch Affirms 6 Small Turkish Banks' dated 12 February 2016 at www. fitchratings. com for full rating rationale and disclosures on Sekerbank.

See 'Fitch Rates Turkey's Fibabanka 'BB-'; Outlook Stable' dated 23 May 2016 at www. fitchratings. com for full rating rationale and disclosures on Fiba,.

See 'Fitch Affirms Arap Turk at 'BB-'; Outlook Stable' dated 12 January 2016 at www. fitchratings. com for full rating rationale and disclosures on ATB.