Fitch Ratings has affirmed Garanti BBVA's Long-Term Foreign-Currency Issuer Default Rating (IDR) at “B”, Long-Term Local Currency IDR at “B+” and the outlooks of such IDRs at Positive, on June 13, 2024. At the same time, Fitch has upgraded Garanti BBVA's Viability Rating (VR) to “b+” from “b” and removed it from Rating Watch Positive placed in March 2024. Bank's current ratings are as follows:
Current Rating
Prior
Long Term FC IDR
B / Positive Outlook
B / Positive Outlook
Short Term FC IDR
B
B
Long Term TL IDR
B+ / Positive Outlook
B+ / Positive Outlook
Short Term TL IDR
B
B
Viability Rating
b+
b (Rating Watch Positive)
Shareholder Support
b
b
National Long Term Rating
AA(tur)
AA(tur)
Long term senior unsecured debt
B
B
Short term senior unsecured debt
B
B
Subordinated debt
B-
B-
*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
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The issuer is solely responsible for the content of this announcement.
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.