============
Turkiye Garanti Bankasi A.S. (TGBD)
Turkiye Garanti Bankasi A.S.: Announcement regarding Moody’s rating
upgrade
24-Jul-2024 / 12:31 GMT/BST
══════════════════════════════════════════════════════════════════════════
TO: Investment Community
FROM : Garanti BBVA / Investor Relations
SUBJECT: Announcement regarding Moody’s rating upgrade
DATE: July 24, 2024
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:
Moody's Previous Current
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 (P) B3 (P) Ba3
Program)
National Scale Rating (NSR) Long Term Deposit A1.tr Aaa.tr
National Scale Rating (NSR) Short Term TR-2 TR-1
*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
══════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: US9001487019
Category Code: MSCL
TIDM: TGBD
LEI Code: 5493002XSS7K7RHN1V37
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 336260
EQS News ID: 1953267
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
3 fncls.ssp?fn=show_t_gif&application_id=1953267&application_name=news&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810
References
Visible links
1. mailto:investorrelations@garantibbva.com.tr
2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=19979b7bae6aeeb49d76141fbe11774c&application_id=1953267&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810&application_name=news
============