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Bond Market News
Odea Upgraded to BB- by Fitch
April 1, 2025
Odea Bank’s ratings were upgraded by three notches to BB- from B- by Fitch. The upgrade follows Odea Bank’s acquisition by ADQ Financial Services LLC., ultimately owned by Abu Dhabi Developmental Holding Company (ADQ). Fitch believes ADQ’s strong financial position and strategic interest in Türkiye suggest potential shareholder support for Odea. However, Odea’s Viability Ratings (VR) were downgraded by a notch to CCC+ from B-. The VR downgrade reflects Odea’s declining capitalization, with its CET1 ratio dropping to 6.75% at end-2024, driven by rising losses and tax asset deductions. Although the bank remains above the minimum regulatory threshold (excluding the capital conservation buffer), tightened forbearance measures in 2025 could further strain its capital adequacy.
Its 8.606% 2027s traded stable at 99.9, yielding 8.64%
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