After taking a dip to triple-B-minus, the Trade Payment Rights PLC deal from Turkey may be on the road again to securing its prior status. Recently Fitch placed the transaction on ratings watch evolving following the announcement that Ottoman Bank, the originator, is to merge with Garanti Bank (see ASR 8/20/01).

The deal recently suffered a one-notch downgrade after having weathered two previous Turkish sovereign and local credit downgrades. While the action was largely considered a mild reaction to the developing situation in Turkey, it did address the vulnerability TPR plc has to its originator. Over a period of nine months the sovereign and local credit took a dive to a single-B and single-B-minus status, respectively, which was ultimately expected to adversely affect the banking sector.

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