Islamic International Rating Agency (IIRA) upgrades Kuveyt Turk Participation Bank

Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Turk Participation Bank (Kuwait Finance House–Turkey) on both the short-term and long-term scale to AA-/A-1+ from A+/A-1 previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB/A-3 and foreign currency assessment at BBB-/A-3. Outlook on the ratings is ‘Stable’. According to IIRA, a significant ratings driver is the fact that the bank stands to benefit from strategic and financial support if needed, both implied and explicit. Additionally, the board and management of the bank have remained stable, with several of the key personnel having been associated with the bank for a number of years.