Source - RNS
RNS Number : 2315L
Turkiye Vakiflar Bankasi T. A. O.
29 September 2016


Company Announcement

For immediate release

Türkiye Vakıflar Bankası T.A.O.

Sultan Selim Mahallesi

Eski Büyükdere Caddesi, No: 59

Kaǧıthane, İstanbul, 34415


(the "Bank")



29 September 2016

Re: Moody's Rating Action

On 19 July 2016, Moody's Investors Service Limited ("Moody's") placed ratings of Turkey and 17 financial institutions, including the Bank, under review for downgrade. On 23 September 2016, Moody's has concluded its review and downgraded Turkey's issuer and bond ratings which were considered as "investment grade". Following the sovereign downgrade, Moody's announced the Bank's ratings as follows:


Baseline Credit Assessment  


Long-term foreign currency deposit rating


Long-term local currency deposit rating


Short term foreign currency deposit rating


Short term local currency deposit rating 


Long-term Senior Unsecured Issuer Ratings, Foreign Currency


Long-term Senior Unsecured Issuer Ratings, Local Currency





Additionally, following the downgrade of Turkey's local-currency bond ceiling from A3 to Baa1, Moody's announced that the ratings of covered bonds issued by the Bank were downgraded from A3 to Baa1, the aforesaid bond ceiling. The Bank's covered bonds remain to be on review for downgrade. Moody's also announced that its rating of the Bank's covered bonds is subject to potential further downgrade unless the Bank increases the overcollateralization levels of the covered bonds, which the Bank intends to do.

For further information please contact:  


Contact Name: Mustafa Turan

Title:                  Senior Vice President

Telephone:      +90 212 316 7500

E-mail:               [email protected]







This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange



This information is provided by RNS
The company news service from the London Stock Exchange

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