ANKARA - Fitch Ratings has today upgraded Finansbank A.S.'s ratings to foreign currency Issuer Default 'BB' from 'BB-', local currency Issuer Default 'BB+' from 'BB-', National Long-term 'AA (tur)' from 'A (tur)', and Support '3' from '4'. The fore?gn currency Issuer Default rating ("IDR") ?s now at Turkey's Country Ceiling.
The communique published by Fitch reads as follows:
"The Rating Watch Positive on the above ratings has been removed. A Positive Outlook is assigned to the foreign and local currency IDRs and the Outlook for the National rating is Stable."
This follows the announcement from Finansbank on August 18th,2006 that the National Bank of Greece has acquired 46 percent of Finansbank's shares from Fiba Group in line with the agreement signed on April 3rd, 2006.