Announcement regarding Moody’s rating upgrade
Announcement regarding Moody’s rating upgrade
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:
| 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 |