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Fibabanka Anonim Sirketi's (Fiba) Long-Term (LT) Issuer Default Ratings (IDRs) are driven by its standalone creditworthiness, as reflected in its Viability Rating (VR). The VR considers the bank’s limited franchise, although supported by the expansion of digital banking operations, and its adequate capitalisation, above-sector-average earnings performance and adequate funding profile. The VR also considers the bank’s relatively high share of unsecured retail lending in a high interest rate and weaker growth environment. We do not apply a one-notch uplift to the LT IDRs from the VR, according to its criteria. This reflects our view that its qualifying junior debt buffer (13% of risk-weighted assets, RWAs, at end-9M24) is unlikely to be maintained sustainably above 10% of RWAs, a level sufficient to protect senior obligations in case of default. This partly reflects RWA volatility. Fiba’s small franchise (end-9M24: 0.5% of sector assets) results in limited pricing power. Nevertheless, its digital banking channels and, notably, partnerships with well-known retailers across Turkiye, through which it provides instant loans via its application-based channel, drive its 6.6 million customer base and 1% market share in personal finance lending.