By: Mohamed Farouk

Mubasher: Capital Intelligence (CI) has downgraded the long-term foreign currency rating and the financial strength rating (FSR) of 18 Turkish banks, and affirmed short-term foreign currency ratings for all banks at "B".

The Cyprus-based agency has reduced the long-term foreign currency rating of Burgan Bank A.S Turkey to “-BB” from “+BB”.

CI has downgraded the FSR of the Turkish unit of the Kuwaiti lender, Burgan Bank, to “-BB” from “BB”, according to a bourse filing.

Kuwait’s Burgan highlighted that CI’s ratings have not changed for the banks in Turkey, except for one bank, whereas the outlook for the 18 banks was negative.