Ratings of Turkish Banks Lowered Following Sovereign Action
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Ref: TR0 3319CRA00-01 19 June 2020
Ratings of Turkish Banks Lowered Following Sovereign Action
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Long-Term Foreign Currency Ratings (LT FCRs) and affirmed the Short-Term FCRs (ST FCRs) of 14 Turkish banks. At the same time, the Bank Standalone Ratings (BSRs) of 12 banks have been lowered, while the BSRs of two banks remain the same.
CI Ratings has also changed the Outlook for the LT FCRs and BSRs of 12 banks to Stable (from Negative); the Outlook on the two other banks’ ratings remains Negative for institution-specific reasons .
A complete list of the banks and credit ratings affected can be found below. [To be inserted before publication]
The rating actions follow the downgrade of Turkey’s sovereign ratings to ‘ B+ ’ / ‘ B ’ /Stable (from ‘BB-’ ‘B’/Negative) on 29 May 2020 , due to increased external vulnerability. The…