Ratings

23 July 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.

17 January 2024: Following the revision of the Outlook on Türkiye's credit rating to Positive from Stable on 12 January 2024, Moody’s has affirmed Garanti BBVA’s Long Term Foreign and Local Currency Deposit Ratings at “B3” and revised the outlooks to Positive from Stable on January 17, 2024. The agency has also affirmed the Bank’s baseline credit assessment ratings at “B3”. On 12 January 2024, Moody’s has also upgraded Türkiye’s FC country ceiling rate from “B3” to “B2” and following that, Garanti BBVA’s long-term FC counterparty risk rating (CRR) is upgraded from “B3” to “B2”.

16 August 2022: International rating agency Moody's downgraded Garanti BBVA’s long-term foreign-currency and local-currency deposit ratings to B3 from B2. The rating action follows Moody’s’s downgrading of Turkiye's sovereign bond rating to B3 with stable outlook from B2 with negative outlook, which also resulted in the downgrading of the country ceilings for foreign-currency to B3 from B2 and local-currency to B1 from Ba3 on 12 August 2022. Moody’s also affirmed Garanti BBVA’s BCA and the Adjusted BCA at b3.

10 December 2020: International rating agency Moody’s upgraded the long-term foreign currency deposit rating of Garanti BBVA to B2 from Caa1, with negative outlook. The rating action is driven by changes in the local currency and foreign currency country ceilings applied to the jurisdictions of the banks following the publication of Moody’s updated Local and Foreign Currency Country Ceilings for Bonds and Other Obligations Methodology on 7 December 2020. Bank’s current ratings are as follows:

18 June 2019: International rating agency Moody’s downgraded T. Garanti Bankası A.Ş.’s Long-term Foreign Currency Deposits, Long-term Local Currency Deposits, Baseline Credit Assessment and Senior Unsecured ratings by one notch, Adjusted Baseline Credit Assessment by two notches and placed negative outlook on June 18th, 2019 following the Agency’s decision to downgrade Turkey's sovereign ratings by one notch from Ba3 to B1on June 14th, 2019. Short-term ratings and national scale ratings were affirmed.

September 26, 2018: Driven by the lowering of Turkey’s foreign currency deposit ceiling from “B1” to “B2” on 24 September 2018, international rating agency Moody’s downgraded T. Garanti Bankası A.Ş.’s Long-term FC Deposit rating from “B1” to “B2”on 26 September 2018.

August 28, 2018: Moody’s downgraded T. Garanti Bankası A.Ş.’s Long-term Foreign Currency Deposits, Long-term Local Currency Deposits, Baseline Credit Assessment, Adjusted Baseline Credit Assessment  and Senior Unsecured ratings by one notch and placed negative outlook, following the Agency’s decision of Turkey's ratings downgrade on August 17th, 2018. Short-term ratings and national scale ratings were affirmed.

March 09, 2018: Moody’s has revised the credit ratings of 17 Turkish banks, including T.Garanti Bankası A.Ş., following the downgrade of Turkey’s sovereign rating by one notch to Ba2 on March 07, 2018. Bank’s rating outlook were also revised to Stable from Negative, in-line with the change in sovereign rating outlook. Long-term FC, Long-term LC, Baseline Credit Assessment (BCA), Adjusted BCA, Senior Unsecured Rating (FC and LC) revised down by one notch. Other ratings were affirmed. 

September 30, 2024: JCR Eurasia Rating, has evaluated the consolidated structure of “Türkiye Garanti Bankası A.Ş.” (the “Bank”) in the highest investment level category, affirmed the Long-Term National Issuer Credit Rating at ‘AAA (tr)’ and the Short-Term National Issuer Credit Rating at ‘J1+ (tr)’ with ‘Stable’ outlooks on 30 September 2024. On the other hand, the Long-Term International Foreign and Local Currency Issuer Credit Ratings have been affirmed at ‘BBB-’ and ‘BBB’ respectively, with ‘Stable’ outlooks, positioned above the country ceiling.

September 28, 2023: JCR Eurasia Rating, has evaluated the consolidated structure of “Türkiye Garanti Bankası A.Ş.” (the “Bank”) in the highest investment level category, affirmed the Long-Term National Issuer Credit Rating at ‘AAA (tr)’ and the Short-Term National Issuer Credit Rating at ‘J1+ (tr)’ with ‘Stable’ outlooks on 28 September 2023. On the other hand, the Long-Term International Foreign and Local Currency Issuer Credit Ratings have been affirmed at ‘BBB-’ and ‘BBB’ respectively, with ‘Stable’ outlooks, positioned above the country ceiling.

September 29, 2022: On its report dated September 30, 2022, JCR Eurasia Rating has affirmed T. Garanti Bankası A.Ş.(the “Bank”)’s Long Term International Foreign and Local Currency ratings, within the investment grade category, as ‘BBB-' and ‘BBB' respectively, along with  a “Stable” Outlook. On the other hand, the Bank’s Long Term National Scale rating has been affirmed as ‘AAA (Trk)' along with a ‘Stable' outlook which denotes the investment grade with the highest credit rating note assigned by the agency.

September 29, 2021: On its report dated September 29, 2021, JCR Eurasia Rating has affirmed the T. Garanti Bankası A.Ş.’s Long Term International Foreign and Local Currency ratings, within the investment grade category, as ‘BBB-' and ‘BBB', respectively while revising the Outlook to “Stable” from “Negative”. The Bank’s Long Term National Scale rating has been affirmed as ‘AAA (Trk)' with ‘Stable' outlook which denotes the investment grade with the highest credit rating note assigned by the agency.

August 26, 2020: JCR Eurasia Rating has affirmed the rating of ‘AAA (Trk)’ along with a ‘Stable’ outlook for Türkiye Garanti Bankası A.Ş. on the Long Term National Scale, which denotes the investment grade with the highest credit rating note assigned by the agency on its report dated August 26, 2020. On the other hand, the Long Term International Foreign and Local Currency ratings were assigned at ‘BBB-’ and ‘BBB’, respectively within the investment grade category as well.

June 11, 2019: JCR Eurasia Rating has affirmed the rating of ‘AAA (Trk)’ along with a ‘Stable’ outlook for Türkiye Garanti Bankası A.Ş. on the Long Term National Scale, which denotes the investment grade with the highest credit rating note assigned by the agency on its report dated June 11, 2019. On the other hand, the Long Term International Foreign and Local Currency ratings were affirmed at ‘BBB’ and ‘BBB+’, respectively within the investment grade category as well.

August 17, 2018: Affirmed the ratings of Türkiye Garanti Bankası A.Ş. as ‘AAA (Trk)' on the Long Term National Scale, ‘BBB' on the Long Term International Foreign Currency Scale and ‘BBB+' on the Long Term International Local Currency Scale, while revising down the rating outlook from “Stable” to “Negative”.

Garanti BBVA’s Corporate Governance Ratings

JCR Eurasia Rating (December 06, 2024)