Mubasher: Fitch Ratings has affirmed the long-term Issuer Default Rating (IDR) of Burgan Bank Turkey at 'B+', with a ‘Negative’ outlook, among other banks working in Turkey.

The rating agency has also affirmed the viability rating (VR) of five banks working in Turkey, including Burgan Bank, according to a bourse filing on Thursday.

The negative outlook reflects the possibility of further deterioration in Turkey’s external financing, leading to increasing the risks of governmental intervention.

The downgrade of Turkey’s sovereign rating may result in a lower rating for Burgan Bank Turkey.  

Earlier in October, Fitch Ratings affirmed Burgan Bank’s IDR at 'A+', with a 'Stable' outlook.