OREANDA-NEWS. Fitch Ratings has upgraded Bosphorus Financial Services Limited's (Bosphorus) Series 2015-A, -B, -C and -D notes, Series 2012-B, -C, and -D notes to 'A-' from 'BBB+'. The Outlooks are Stable.

Bosphorus is a securitisation of diversified payment rights (DPR) originated by Finansbank A.S. (Finansbank; BBB/Stable/F3). DPRs are essentially payment orders processed by banks which can arise for a variety of reasons but mainly reflect payments due on the export of goods and services, capital flows and personal remittances. Bosphorus has purchased all present and future DPRs denominated in dollar, euro and pound from Finansbank, financed through issued notes that are secured by the DPRs. The programme has been in existence since 2000.

The upgrade reflects Fitch's recent upgrade of Finansbank' local currency Issuer Default Ratings (LC IDR) to 'BBB' from 'BBB-' and the revision of its Going Concern Assessment (GCA) score to GC2 from GC3, following the acquisition of the bank's 99.81% stake by Qatar National Bank (QNB, AA-/Stable). Both the LC IDR and GC score are driven by parent support and Finansbank's upgrade was based on Fitch's view that QNB is very likely to provide support to its Turkish subsidiary, should it be required (see 'Fitch Upgrades Finansbank on Ownership Change', dated 20 June 2016 at www.fitchratings.com). Finansbank's Viability Rating- a measure of the intrinsic creditworthiness of the financial institution irrespective of external support - is unaffected at 'bbb-'.