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VR Drives Ratings: Fibabanka Anonim Sirketi’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) is in line with its Viability Rating (VR), despite its large buffer of qualified junior debt (QJD; equal to12% of RWA at end-1H22). Its QJD buffer is almost entirely made up of US dollar instruments (largely FC subordinated debt, but including some local-currency additional Tier 1) and its size, relative to RWA, is positively correlated with a weaker lira. Government Intervention Risk: Fiba’s LTFC IDR is capped at ‘B-’ by ���������ֳ�’ view of government intervention risk in the banking sector. However, its LTLC IDR is one notch above its LTFC IDR, due to its QJD buffer, which we believe will be maintained above 10% of risk weighted assets in the short term, and reflecting our view of lower intervention risk in LC. The Negative Outlook on Fiba’s LTFC IDR primarily reflects that on the sovereign, but also considers risks to its Standalone Credit Profile amid operating environment pressures. The Negative Outlook on the LTLC IDR reflects that on the sovereign, but also captures a potential deterioration of the QJD buffer below 10%.