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

Turkey

(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  

ba2

Long-term foreign currency deposit rating

Ba2

Long-term local currency deposit rating

Ba1

Short term foreign currency deposit rating

Not-Prime

Short term local currency deposit rating 

Not-Prime

Long-term Senior Unsecured Issuer Ratings, Foreign Currency

Ba1

Long-term Senior Unsecured Issuer Ratings, Local Currency

Ba1

Outlook 

Stable

 

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
 
END
 
 
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