Ziraat Ratings Affirmed with a Stable Outlook

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 Turkiye Cumhuriyeti Ziraat Bankasi (TCZB, Ziraat or the Bank) at ‘BB-’ and ‘B’, respectively. At the same time, CI Ratings has affirmed TCZB’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 Stable.

The affirmation of the BSR (and CFS) reflects the resilience of the Bank’s financial performance – despite the challenging operating environment – and is supported by TCZB’s leading market position as the largest financial institution by consolidated and solo assets, as well as reasonably good loan asset quality. Its high share of agricultural loans has benefited the Bank, as this sector has experienced very low delinquencies. The ratings are also…