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Leasing and Factoring Sectors Weather TRY Volatility: Fitch

Leasing and Factoring Sectors Weather TRY Volatility: Fitch

The Turkish leasing and factoring sectors have weathered the risks of currency volatility and have reported resilient profitability, Fitch Ratings says. The two sectors are dominated by bank-owned entities with the largest five leasing companies accounting for 62% of sector assets at end-2020, while the factoring sector is more fragmented with the five largest bank-owned...

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Fitch affirms Anadolu Sigorta’s IFS Rating

Fitch affirms Anadolu Sigorta’s IFS Rating

The international credit rating agency Fitch Ratings has affirmed the insurance company Anadolu Sigorta’s Insurer Financial Strength (IFS) rating at ‘BB’ with a stable outlook. “The affirmation reflects Anadolu Sigorta’s favourable business profile in Turkey, substantial exposure to Turkish assets, notably government bonds and local-bank deposits, and adequate capitalisation,” Fitch said. The rating also reflects...

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Turkey’s Rate Cut Could Undermine Modest External Improvement: Fitch

Turkey’s Rate Cut Could Undermine Modest External Improvement: Fitch

The Central Bank’s 100 basis point rate cut and change in policy guidance will increase the challenge of bringing inflation under control and highlights the weak credibility of monetary policy, according to the international credit rating agency Fitch Ratings. “The decision also risks undermining the recent partial recovery of the country’s international reserve position,” Fitch...