Fitch Ratings affirmed Türkiye Garanti Bankasi A.Ş.'s National Long Term Rating as 'AAA(tur)' and National Long Term Rating Outlook as 'Stable'.
Following Turkey's sovereign rating downgrade on 13 July 2018, Fitch Ratings has revised down the following ratings on Türkiye Garanti Bankasi A.Ş.:
Long-term FC IDR : from 'Rating Watch Negative on BBB-' to 'BB/Negative Outlook' ;
Short-term FC IDR: from 'Rating Watch Negative on F3' to 'B';
Long-term LC IDR : from 'BBB-/Stable Outlook' to 'BB+/Negative Outlook';
Short-term LC IDR: from 'F3' to 'B';
Viability Rating from 'Rating Watch Negative on bb+' to 'bb-';
Support Rating: from 'Rating Watch Negative on 2' to '3';
Senior Unsecured Long-term and Short-term notes from 'Rating Watch Negative on BBB-'/'Rating Watch Negative on F3' to 'BB'/'B';
Subordinated notes from 'Ratings Watch Negative on BB+' to 'BB-'
*In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.
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Turkiye Garanti Bankasi AS published this content on 23 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 July 2018 06:47:01 UTC
Turkiye Garanti Bankasi AS is a Turkey-based banking institution. It operates under the following business segments: Retail Banking, Corporate/Commercial Banking and Investment Banking. The banking products served to customers are: custody services, time and demand deposits, accumulating deposit accounts, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, gold loans, foreign currency loans, Eximbank loans, pre-export loans, Export Credit Agency (ECA) covered financing, letters of guarantee, letters of credit, export factoring, acceptance credits, draft facilities, forfeiting, leasing, insurance, forward, futures, salary payments, investment account (ELMA), cheques, safety boxes, bill payments, tax collections and payment orders. The Bank provides service packages to its corporate, commercial and retail customers including deposit, loans, leasing and factoring, among others.