Turkiye Garanti Bankasi A.S.: Announcement regarding Moody’s rating upgrade

TO: Investment Community

FROM : Garanti BBVA / Investor Relations

SUBJECT: Announcement regarding Moody’s rating upgrade

DATE: July 24, 2024

 

On 19 July 2024, Moody’s upgraded the Government of Turkiye’s sovereign rating to B1 from B3 ( with a positive outlook) and Turkiye’s foreign-currency country ceiling to Ba3 from B2 and the local-currency country ceiling to Ba1 from Ba3. Following this rating action, Moody’s upgraded Garanti BBVA’s Long Term Foreign and Local Currency Deposit Ratings by three notch to Ba3 from B3 on 23 July 2024. Garanti BBVA’s standalone credit assessment (BCA) and Adjusted BCA were also upgraded to b1 and ba3, respectively, from b3. Moody’s stated that: “The upgrade of Garanti BBVA’s standalone BCA to b1, reflects the improvement of the operating environment and a track record of resilient performance by the bank.” Positive outlook on ratings has been maintained.

 

Bank’s current ratings are as follows:

 

Moody's

Previous

Current

Outlook

Positive

Positive

Long Term FC Deposit

B3 (Positive)

Ba3 (Positive)

Long Term TL Deposit

B3 (Positive)

Ba3 (Positive)

Short Term TL Deposit

Not - Prime

Not - Prime

Short Term FC Deposit

Not - Prime

Not - Prime

Baseline Credit Assessment - BCA

b3

b1

Adjusted BCA

b3

ba3

Subordinated Bond (Foreign)

Caa2 (hyb)

B2 (hyb)

Senior Unsecured Rating (Medium-Term Note Program)

(P) B3

(P) Ba3

National Scale Rating (NSR) Long Term Deposit

A1.tr

Aaa.tr

National Scale Rating (NSR) Short Term

TR-2

TR-1

 

 

*In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.

 

We declare that our above statements are in conformity with the principles included in the Board’s Communiqué, Serial II Nr.15.1, that it exactly reflects the information we received; that the information complies with our records, books and documents; that we did our best to obtain the correct and complete information relative to this subject and that we are responsible for the declarations made in this regard.

 

 

Yours sincerely,

Garanti BBVA

Contact Garanti BBVA Investor Relations:

Tel: +90 212 318 2352

Fax: +90 212 216 5902

E-mail: investorrelations@garantibbva.com.tr

www.garantibbvainvestorrelations.com