11Dec09 - The LT IDRs of Turkland Bank A.S., are driven by potential support from its highly-rated foreign shareholder, Arab Bank plc which is ultimately owned by Arab Bank group (rated ’A-’/Stable) which controls 50% of the bank. Lebanon-based Bank Med Sal holds a 41% stake in Turkland. While Arab Bank group and Bank Med Sal are partners in several joint  ventures, Bank Med Sal is not rated by Fitch and thus the agency is not able to form a clear opinion of its ability to support Turkland, alongside Arab Bank group, in case of need. Turkland’s LTLC IDR has been affirmed one notch above the sovereign’s LTLC IDR. The bank’s LTFC IDR is not constrained by Turkey’s Country Ceiling. The upgrade of the Support rating reflects the upgrade of the bank’s LTFC IDR to the Country Ceiling of ’BBB-’.

LTFC IDR: upgraded to ’BBB-’ from ’BB’ removed from RWP assigned Stable Outlook

LTLC IDR: affirmed at ’BBB-’ removed from RWP assigned Stable Outlook

STFC IDR: upgraded to ’F3’ from ’B’

STLC IDR: affirmed at ’F3’

National Long-term rating: affirmed at ’AAA(tur)’ Stable Outlook

Individual Rating: affirmed at ’D’

Support Rating: upgraded to ’2’ from ’3’