Announcement regarding Fitch Ratings
Announcement regarding Fitch Ratings
Fitch Ratings has upgraded Garanti BBVA’s Long-Term Foreign Currency and Local-Currency Issuer Default Ratings (IDRs) to “B” from “B-“ and to “B+” from “B”, respectively and revised the Outlooks to “Positive” from “Stable” on March 15, 2024. The rating action follows the upgrade of Türkiye's Long-Term IDR to “B+/Positive” from “B/Stable” on March 8th, 2024. The agency has also upgraded the Bank’s Long-Term Senior Unsecured Debt and Subordinated Debt ratings to “B” from “B-“ and to “B-“ from “CCC+”, respectively and the Shareholder Support rating to “b” from “b-“. The Bank’s Viability Rating has also been placed on Rating Watch Positive (RWP) at “b”. Bank's current ratings are as follows:
| |
Current Rating |
Prior |
| Long Term FC IDR |
B / Positive Outlook |
B- / Stable Outlook |
| Short Term FC IDR |
B |
B |
| Long Term TL IDR |
B+ / Positive Outlook |
B / Stable Outlook |
| Short Term TL IDR |
B |
B |
| Viability Rating |
b (Rating Watch Positive) |
b |
| 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- |
CCC+ |