REG-Turkiye Garanti Bankasi A.S. Turkiye Garanti Bankasi A.S.: About the annulment action filed against the Turkish Competition Board

Turkiye Garanti Bankasi ASAnnouncement

27/07/2022 08:30

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   Turkiye Garanti Bankasi A.S. (TGBD)
   Turkiye Garanti Bankasi A.S.: About the annulment action filed against the
   Turkish Competition Board

   27-Jul-2022 / 08:24 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   TO: Investment Community

         FROM : Garanti BBVA / Investor Relations

   SUBJECT: Announcement regarding Fitch Ratings

    

    

   DATE: July 27, 2022

    

    

    

   Fitch Credit Ratings  has downgraded Turkey’s  Long Term Foreign  Currency
   Issuer Default Ratings (IDR)  to “B” from “B+”  with Negative Outlook,  on
   July 8th, 2022. Following  this revision, Fitch  Ratings has also  revised
   the Bank’s Long Term Foreign and Local Currency IDRs to “B-” from “B”  and
   “B” from  “B+“, respectively.  The agency  also has  decreased the  Bank’s
   Viability Rating to “b” from “b+”, on July 26, 2022. In addition, the Long
   Term Senior Unsecured Notes  and Subordinated notes of  the Bank has  also
   been downgraded to  “B-” from “B“  and to “CCC“  from “B-”,  respectively.
   Bank's current ratings are as follows.

    

                                  Current Rating        Prior
   Long Term FC IDR               B- / Negative Outlook B / Negative Outlook
   Short Term FC IDR              B                     B
   Long Term TL IDR               B / Negative Outlook  B+ / Negative Outlook
   Short Term TL IDR              B                     B
   Viability Rating               b                     b+
   Shareholder Support            b-                    b
   National Long Term Rating      AA(tur)               AA(tur)
   Long term senior unsecured     B-                    B
   notes
   Short term senior unsecured    B                     B
   notes
   Subordinated notes             CCC+                  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:  1 investorrelations@garantibbva.com.tr

          2 www.garantibbvainvestorrelations.com

    

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   ISIN:          US9001487019
   Category Code: MSCL
   TIDM:          TGBD
   LEI Code:      5493002XSS7K7RHN1V37
   Sequence No.:  177376
   EQS News ID:   1406775


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:investorrelations@garantibbva.com.tr
   2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=19979b7bae6aeeb49d76141fbe11774c&application_id=1406775&site_id=reuters8&application_name=news


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