IIRA Upgrades National Scale Rating of Kuveyt Turk Participation Bank

Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Turk Participation Bank on both the short-term and long-term scale to AA-/A-1 + (Double A Minus /A-One Plus) from A+/A-1 (A Plus/A-One) previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB/A-3 (Triple B/A-Three) and foreign currency assessment at BBB-/A-3 (Triple B Minus/ A-Three). Outlook on the ratings is 'Stable'. The ratings draw on recent, continued business expansion, reinforced by fresh capital provided by the bank's sponsors. Organization level improvements in terms of strengthening the control areas and adding focus to certain business functions, has also been noted.