TO: Investment Community
FROM : Garanti Bank / Investor Relations
SUBJECT: Announcement Regarding Recent Rating Changes
DATE: September 20, 2016
Announcement regarding Standard & Poor's Ratings
July 22, 2016
Standard & Poor's (S&P) lowered long Term Foreign Currency Sovereign rating on the Republic of Turkey from BB+ to BB, long Term local Currency Sovereign rating from BBB- to BB+, and revised its Outlook to Negative from Stable on its report dated July 20 2016.
Accordingly, S&P lowered the Bank's long Term Foreign Currency and long Term local Currency ratings from BB+ to BB, and revised its Outlook to Negative from Stable. Bank's Stand-alone Credit
Profile (SAC P) was affirmed at bb+.
Moody's placed ratings under review for downgrade
July 20, 2016
Moody's Investors Service has placed under review for downgrade the ratings of Turkiye Garanti Bankasi AS following the placement of the Turkish sovereign rating under review for downgrade.
In order to view full announcements please view the .pdf attached.
Contact Garanti Bank Investor Relations:
Tel: +90 212 318 2352
Fax: +90 212 216 5902
E-mail: [email protected]
This information is provided by RNS