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 notes
B-
B
Short term senior unsecured notes
B
B
Subordinated notes
CCC+
B-
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Turkiye Garanti Bankasi AS published this content on 27 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 10:57:06 UTC.
Turkiye Garanti Bankasi AS is a Turkey-based banking institution. It operates under the following business segments: Retail Banking, Corporate/Commercial Banking and Investment Banking. The banking products served to customers are: custody services, time and demand deposits, accumulating deposit accounts, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, gold loans, foreign currency loans, Eximbank loans, pre-export loans, Export Credit Agency (ECA) covered financing, letters of guarantee, letters of credit, export factoring, acceptance credits, draft facilities, forfeiting, leasing, insurance, forward, futures, salary payments, investment account (ELMA), cheques, safety boxes, bill payments, tax collections and payment orders. The Bank provides service packages to its corporate, commercial and retail customers including deposit, loans, leasing and factoring, among others.
TURKIYE GARANTI BANKASI 
