Türkiye Vakiflar Bankasi – Ratings Affirmed

Ref: TR 040 2 1 CRA00- 0 1 23 June 202 2

Türkiye Vakiflar Bankasi – 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 Türkiye Vakiflar Bankasi T.A.S. (Vakif) at ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed Vakif’s B ank S tandalone Rating (BS R ) of ‘b’ and C ore Financial Strength (C FS ) rating of ‘bb-’. The Outlook for the LT FCR and BSR remains Negative.

The Bank’s LT FCR benefits from a one notch uplift from the BSR as the Extraordinary Support Level (ESL) is Moderate. This is underlined by the Bank’s majority government ownership, frequent ordinary support by the Turkish government (last seen in Q1 22), a nd our assessment that Vakif is of systemic importance being the third-…