DenizBank – Ratings Affirmed

5 December 2025

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 or the Bank) at ‘BB-’ and ‘B’, respectively. At the same time, CI Ratings has affirmed DZB’s Bank Standalone Rating (BSR) of ‘b+’, Core Financial Strength (CFS) rating of ‘bb-’ and Extraordinary Support Level (ESL) of High. The Outlook on LT FCR and BSR remains Stable.

The affirmation of the ratings is based on the Bank’s resilient financial performance, despite recent softening of asset quality metrics. The high ESL reflects the likely willingness and strong financial capacity of the Bank’s key shareholder – Emirates NBD (ENBD) (‘A+’/’A1+’/Stable) – to provide extraordinary support if needed. However, the uplift for the LT FCR over the BSR is restricted to one notch, as DZB does not fulfil our criteria for being rated above…