Fitch has downgraded 25 Turkish Banks from B to B- on the back of Turkey’s downgrade from B+ to B two weeks ago. The rating agency cites heightened macroeconomic risks, rocketing inflation and a feeling of uncertainty around the authorities’ policy efficacy. Additionally, Turkey’s current account deficit continues to widen and there is still significant pressure on the European sovereign’s FX reserves. Some of the affected banks include: Garanti Bank, Akbank, Fiba, Kuveyt Turk, Odea Bank, Ziraat Bankasi, TSKB, Vakifbank, Turk Eximbank, Halk, Alternatifbank, Burgan Bank.

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