DenizBank – Ratings Affirmed

Ref: TR0 94 2 2 CRA00- 0 1 25 August 2023

DenizBank – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of DenizBank (DZB) at ‘B’ and ‘B’, respectively. The LT FCR Outlook remains Stable. At the same time, CI Ratings has affirmed DZB ’s Bank Standalone Rating ( BSR ) of ‘b’ with a Negative Outlook, Core Financial Strength ( CFS ) rating of ‘bb-’ , and Extraordinary Support Level (ESL) of High.

The affirmation of the rating s is mainly supported by DZB’s strong customer deposit base, as well as its competitive strength in certain areas such as the agricultural sector. The Bank’s strong presence in fee-related business segments results in greater earnings diversification compared to many peers and supports earnings…