Garanti B BVA – Ratings Affirmed

TR 0 33 2 3 CRA00- 0 1 1 2 July 2024

Garanti B BVA – Ratings Affirmed

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

The affirmation of the ratings is based on the Bank’s resilient financial performance despite some weakening of profitability metrics. Although the ESL is Moderate, the LT FCR does not incorporate any uplift for extraordinary support from foreign parent BBVA as the BSR is at the sovereign level and as the…