October 5, 2017 / 11:23 AM / in a year

Fitch Revises Outlooks on Denizbank and Subsidiaries to Positive on Parent Outlook Change

(The following statement was released by the rating agency) LONDON/MOSCOW, October 05 (Fitch) Fitch Ratings has revised the Outlooks to Positive from Stable on Denizbank A.S. (Denizbank), Deniz Finansal Kiralama A.S. (Deniz Leasing) and Russia-based Joint-Stock Company Denizbank Moscow (Denizbank Moscow). Their Long-Term Issuer Default Ratings (IDRs) have been affirmed. All other ratings of these entities are unaffected. The rating actions follow the revision of the Outlook on Sberbank of Russia's (Sberbank; BBB-/Positive) IDRs to Positive from Stable (see "Fitch Revises 23 Russian Financial Institutions' Outlooks to Positive on Sovereign Change'', dated 28 September 2017 at www.fitchratings.com). A full list of rating actions is at the end of this commentary. KEY RATING DRIVERS IDRS, NATIONAL RATINGS AND SENIOR DEBT The change in Outlooks on the Long-Term IDRs of Denizbank (BB+) reflects the possible strengthening of Sberbank's ability to support it, if needed. The change in Outlooks on the Long-Term IDRs of Deniz Leasing and Denizbank Moscow (BB+) reflects the respective change in the Outlooks on Denizbank's IDRs. The change in Outlooks on the National Ratings of Denizbank and Deniz Leasing reflects the possible strengthening of entities' creditworthiness relative to other entities in Turkey. The affirmation of the Long-Term IDRs of Denizbank at 'BB+' reflects Fitch's view of support from its 99.85% owner Sberbank (BBB-/Positive), in case of need, due to its strategic importance to, and integration with, Sberbank and the parent's track record of support. Denizbank's IDRs are notched once from Sberbank's. The IDRs of Deniz Leasing and Denizbank Moscow are support-driven and equalised with those of Denizbank. This reflects their close integration, including the sharing of risk assessment systems, customers, branding and management resources. RATING SENSITIVITIES IDRS, NATIONAL RATINGS AND SENIOR DEBT The IDRs and National Rating of Denizbank could be upgraded by a notch if Sberbank's ratings are upgraded. The ratings are also sensitive to a change in the propensity of parent bank to provide support. The IDRs and National Rating of Deniz Finansal Kiralama and IDRs of Denizbank Moscow are sensitive to a change in its parent's ratings or a change in the ability or propensity of the parent bank to provide support. The rating actions are as follows: Denizbank and Deniz Finansal Kiralama Long-Term Foreign and Local Currency IDRs: affirmed at 'BB+'; Outlook revised to Positive from Stable Short-Term Foreign and Local Currency IDRs: 'B', unaffected Support Ratings: '3', unaffected Viability Rating (Denizbank only): 'bb', unaffected National Long-Term Ratings: affirmed at 'AA(tur)'; Outlook revised to Positive from Stable Denizbank Moscow Long-Term Foreign and Local Currency IDRs: affirmed at 'BB+'; Outlook revised to Positive from Stable Short-Term Foreign and Local Currency IDRs: 'B', unaffected Support Rating: '3', unaffected Contact: Primary Analysts Lindsey Liddell (Denizbank, Deniz Finansal Kiralama A.S.) Director +44 20 3530 1008 Fitch Ratings Limited 30 North Colonnade London E14 5GN Maria Kuraeva (Joint-Stock Company Denizbank Moscow) Associate Director +7 495 956 9901 Fitch Ratings CIS Limited 26 Valovaya Street Moscow 115054 Secondary Analysts Ahmet Kilinc (Denizbank) Associate Director +44 203 530 1272 Aurelien Mourgues (Deniz Finansal Kiralama A.S.) Analyst +44 203 530 1855 Ilya Sarzhin (Joint-Stock Company Denizbank Moscow) Analyst +7 495 956 9983 Committee Chairperson James Watson Managing Director +7 495 956 9901 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. 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