Moody's has downgraded Turkiye Is Bankasi's long term local currency and foreign currency issuer and local currency deposit ratings to Ba1 from Baa3.
The bank's foreign currency deposit rating, which was constrained by sovereign ceiling, was downgraded to Ba2 from Baa3.
Outlooks assigned to the aforementioned ratings have been determined as stable.
Short term local currency and foreign currency deposit ratings were downgraded to not-prime from P-3.
Subordinated debt rating was affirmed at Ba3/B1(hyb).
The changes were made following the downgrade of Turkish sovereign rating on 23 September.
The list of the current ratings assigned to Isbank by Moody's is as follows:
- Long-term Foreign Currency Issuer Rating / Outlook: Ba1 / Stable
- Long-term Foreign Currency Bank Deposits Rating / Outlook: Ba2 / Stable
- Long-term Local Currency Bank Deposits Rating / Outlook: Ba1 / Stable
- Short-term Foreign Currency / Local Currency Deposits Rating: Not-Prime/ Not-Prime
- Subordinated Debt Rating: Ba3/B1(hyb)