REG-Turkiye Garanti Bankasi A.S. Turkiye Garanti Bankasi A.S.: Announcement regarding Fitch Ratings

Turkiye Garanti Bankasi ASAnnouncement

25/02/2022 16:00

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   Turkiye Garanti Bankasi A.S. (TGBD)
   Turkiye Garanti Bankasi A.S.: Announcement regarding Fitch Ratings

   25-Feb-2022 / 15:50 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: February 25, 2022

    

   Fitch Credit Ratings has downgraded  Turkey's Long Term Foreign and  Local
   Currency Issuer Default Ratings (IDR) to "B+" from "BB-", and the  country
   ceiling to "B+" from "BB-" on February 11, 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  "BB-", respectively.  The
   agency also  has  placed the  Bank's  Viability Rating  on  "Rating  Watch
   Negative", on  February  25,  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 "B-" from  "B", respectively.  Bank's
   current ratings are as follows.

    

                                  Current Ratings        Prior
   Long Term FC IDR               B / Negative Outlook   B+ / Negative
                                                         Outlook
   Short Term FC IDR              B                      B
   Long Term TL IDR               B+ / Negative Outlook  BB- / Negative
                                                         Outlook
   Short Term TL IDR              B                      B
   Viability Rating               b+ / Rating Watch      b+
                                  Negative
   Support                        4                      4
   National Long Term Rating      AA(tur)                AA(tur)
   National Long Term Rating      Negative               Negative
   Outlook
   Long term senior unsecured     B                      B+
   notes
   Short term senior unsecured    B                      B
   notes
   Subordinated notes             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:  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.:  145538
   EQS News ID:   1289177


    
   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=1289177&site_id=reuters8&application_name=news


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