Garanti Ratings Affirmed with a Stable Outlook

10 July 2026

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

The affirmation of the ratings is based on the Bank’s resilient financial performance, despite some weakening of asset quality metrics. Although the ESL is Moderate, the LT FCR does not incorporate any uplift to extraordinary support from foreign parent Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), as the BSR is at the sovereign level and as the Bank does not fulfil our criteria for being rated above Türkiye, given its domestic focus and high sovereign interference risk. The…