News & Credit Rating Announcements
21 June 2018 | Country: Turkey | Bank: Turkiye Garanti Bankasi A.S.
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Türkiye Garanti Bankasi’s Ratings Affirmed
Overview
Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, today announced that it has affirmed Türkiye Garanti Bankasi's (Garanti) Long- and Short-Term Foreign Currency Ratings (FCRs) at 'BB+' and 'B', respectively, both constrained by the sovereign rating ('BB+'/'B'/'Negative'). At the same time, the Financial Strength Rating (FSR) is maintained at 'BBB+'. The Outlook for the FCR and FSR remains 'Negative', reflecting the challenging operating and economic environment in Turkey, characterised by an ongoing sharp currency depreciation, subsequent high inflation and rapidly rising policy rates.
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