Fitch puts Turkey’s Halkbank on downgrade warning after US charges

Reuters – Ratings agency Fitch put the long-term foreign currency rating of Turkey’s Halkbank on “rating watch negative” on Monday, following U.S. Department of Justice charges of fraud, money laundering and Iran sanctions busting.

The downgrade warning on the rating… “reflects uncertainty surrounding the sufficiency and timeliness of support from the Turkish authorities in case a material fine or other punitive measures are imposed on Halk,” Fitch said in a statement.

Fitch currently has a rating of ‘B+’ on Halkbank. (Reporting by Karin Strohecker; editing by Marc Jones)