IIRA upgrades national scale ratings of Kuveyt Turk Katilim Bankasi
Islamic International Rating Agency (IIRA) made an upgrade to the ratings of Kuveyt Turk Katilim Bankasi (KTKB) on the national scale from 'A/A-2' (tr) (Single A/ A-Two) to 'A+/A-1' (tr) (Single A Plus/ A-One). Both foreign and local currency ratings have been reaffirmed on the international scale at 'BBB-/A-3' (Triple B Minus/ A-Three) and 'BBB/ A-3' (Triple B/ A-Three), respectively. The outlook on the ratings is said to be stable. Even though the Turkish economy has shown resilience in the backdrop of global economic challenges, due to the policy measures taken in 2011, it can expected for the GDP growth to endure moderation.