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

Turkiye Garanti Bankasi ASAnnouncement

18/03/2024 08:30

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

   18-March-2024 / 08:20 GMT/BST

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   TO: Investment Community

         FROM : Garanti BBVA / Investor Relations

   SUBJECT: Announcement regarding Fitch Ratings

   DATE: March 18, 2024

    

    

    

   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          b
                                  Positive)
   Shareholder Support            b                        b-
   National Long Term Rating      AA(tur)                  AA(tur)
   Long term senior unsecured     B                        B-
   debt
   Short term senior unsecured    B                        B
   debt
   Subordinated debt              B-                       CCC+

    

    

   *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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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          US9001487019
   Category Code: MSCL
   TIDM:          TGBD
   LEI Code:      5493002XSS7K7RHN1V37
   Sequence No.:  310315
   EQS News ID:   1860883


    
   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=1860883&site_id=refinitiv2&application_name=news


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