OREANDA-NEWS. Fitch Ratings has assigned Yapi Kredi Faktoring A.S. (YKF) Long-term Issuer Default Ratings (IDR) at 'BBB' and Support Rating (SR) at '2', in line with those of its parent Yapi ve Kredi Bankasi A.S. (YKB; BBB/Stable). The Outlook on the ratings is Stable.

A full list of rating actions is available at the end of this rating action commentary.

KEY RATING DRIVERS - IDRS, SR AND NATIONAL RATING

YKF's ratings are equalised with those of its sole owner, YKB. This reflects Fitch's view that it is a core, highly integrated subsidiary of YKB and that the parent would have a high propensity to support YKF should it be required.

Fitch's view of support is driven by YKF's close integration with YKB. The company shares its parent's branding, key risk assessment systems and customers. YKF board members are mainly drawn from senior executives at YKB.

RATING SENSITIVITIES - IDRS, SR AND NATIONAL RATING

YKF's ratings are sensitive to changes in the ratings of its parent YKB; and changes to Fitch's view of the propensity of YKB to provide support to the subsidiary in case of need.

The rating actions are as follows:

Long-term foreign and local currency IDRs assigned at 'BBB'; Outlook Stable
Short-term foreign and local currency IDRs assigned at 'F3'
National Long-term Rating assigned at 'AAA(tur)' Outlook Stable
Support Rating assigned at '2'.