REG-Turkiye Garanti Bankasi A.S. Turkiye Garanti Bankasi A.S.: Announcement regarding Moody’s Ratings

Turkiye Garanti Bankasi ASAnnouncement

17/08/2022 13:45

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   Turkiye Garanti Bankasi A.S. (TGBD)
   Turkiye Garanti Bankasi A.S.: Announcement regarding Moody’s Ratings

   17-Aug-2022 / 13:36 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 Moody’s Ratings

    

    

   DATE: August 16, 2022

    

    

    

   International rating agency  Moody's downgraded  Garanti BBVA’s  long-term
   foreign-currency and local-currency  deposit ratings  to B3  from B2.  The
   rating action follows  Moody’s’s downgrading of  Turkiye's sovereign  bond
   rating to B3 with stable outlook from B2 with negative outlook, which also
   resulted in the downgrading of  the country ceilings for  foreign-currency
   to B3 from B2 and local-currency to B1 from Ba3 on 12 August 2022. Moody’s
   also affirmed  Garanti BBVA’s  BCA  and the  Adjusted  BCA at  b3.  Bank’s
   current ratings are as follows:

    

                                                 Current Rating Prior
   Outlook                                       Stable         Negative
   Long Term FC Deposit                          B3 (Stable)    B2 (Negative)
   Long Term TL Deposit                          B3 (Stable)    B2 (Negative)
   Short Term FC Deposit                         Not - Prime    Not - Prime
   Short Term TL Deposit                         Not - Prime    Not - Prime
   Baseline Credit Assessment - BCA              b3             b3
   Adjusted BCA                                  b3             b3
   Senior Unsecured Rating (Regular Bond)        B3 (Stable)    B2 (Negative)
   Senior Unsecured Rating (Medium-Term Note     (P) B3         (P) B2
   Program)
   National Scale Rating (NSR) Long Term Deposit Baa1.tr        A1.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

    

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   ISIN:          US9001487019
   Category Code: MSCL
   TIDM:          TGBD
   LEI Code:      5493002XSS7K7RHN1V37
   Sequence No.:  182083
   EQS News ID:   1422681


    
   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=1422681&site_id=reuters8&application_name=news


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