Announcement regarding Standard & Poor’s Credit Ratings
Announcement regarding Standard & Poor’s Credit Ratings
Standard & Poor's (S&P) announced on their report dated August 17, 2018 that they now assess Turkey's Banking Industry Country Risk Assessment (BICRA) as being in Group 9. As a result, they have revised down their bank anchor to ‘b+’ from ‘bb’ and this led to downward revision of the stand-alone credit profile and long-term issuer credit rating on six Turkish banks.
Consequently, S&P revised down Türkiye Garanti Bankası A.Ş (the Bank)'s Long Term Foreign Currency and Long Term Local Currency ratings from "BB-" to “B+“ and the Bank’s Stand-Alone Credit Profile (SACP) rating from "bb" to “b+”.
In addition, S&P stated that the “Stable” outlook on Garanti balances the downside risks they see on the Bank’s financial profile including pressure on its liquidity and asset quality, with benefit from its parent companies’(BBVA) potential support.