Fitch Ratings:
Fitch October 1, 2018 )
Long Term FC IDR BB-/ Negative Outlook
Short Term FC IDR B
Long Term TL IDR BB/ Negative Outlook
Short Term TL IDR B
Viability Rating b+
Support 3
National Long-term Rating AA(tur)
National Long-term Rating Outlook Stable
Long Term Senior unsecured notes BB-
Short Term Senior unsecured notes B
Subordinated notes   B+

1 October 2018:Fitch Ratings has revised down some of the ratings on Turkiye Garanti Bankasi A.S.. Bank's current ratings are as follows.

  • Long-term FC IDR : from 'Rating Watch Negative on  'BB/Negative Outlook' to 'BB-/Negative Outlook' ;
  • Long-term LC IDR : from on 'BB+/Negative Outlook' to 'BB/Negative Outlook';
  • Viability Rating from 'bb-' to b+;
  • Senior Unsecured Long-term rating from BB' to 'BB-';
  • Subordinated notes from 'BB-' to 'B+'
National Long Term Credit Ratings: AA(tur)

‘AA’ National Ratings denote expectations of a very low level of default risk relative to other issuers or obligations in the same country or monetary union. The default risk inherent differs only slightly from that of the country’s highest rated issuers or obligations.

Long Term FC/LC: BB-/BB Moderately weak credit quality. Ratings indicate that there is an elevated vulnerability to ceased or interrupted payments, particularly as the result of adverse economic or market changes over time. However, business or financial alternatives may be available to allow for policyholder and contract obligations to be met in a timely manner.


Moody's ( Sep 26,2018 )  



Long Term FC Deposit

B2 (Negative)

Long Term TL Deposit

B1 (Negative)

Short Term TL Deposit

Not - Prime

Short Term FC Deposit

Not - Prime

Baseline Credit Assessment - BCA


Adjusted BCA


Senior Unsecured Rating (Regular Bond)

B1 (Negative)

Senior Unsecured Rating (Medium-Term Note Program)


National Scale Rating (NSR) Long Term Deposit


NSR Short Term


September 26, 2018: Driven by the lowering of Turkey’s foreign currency deposit ceiling from “B1” to “B2” on 24 September 2018, international rating agency Moody’s downgraded T. Garanti Bankası A.Ş.’s Long-term FC Deposit rating from “B1” to “B2”on 26 September 2018.

August 28, 2018: Moody’s downgraded T. Garanti Bankası A.Ş.’s Long-term Foreign Currency Deposits, Long-term Local Currency Deposits, Baseline Credit Assessment, Adjusted Baseline Credit Assessment  and Senior Unsecured ratings by one notch and placed negative outlook, following the Agency’s decision of Turkey's ratings downgrade on August 17th, 2018. Short-term ratings and national scale ratings were affirmed.

March 09, 2018: Moody’s has revised the credit ratings of 17 Turkish banks, including T.Garanti Bankası A.Ş., following the downgrade of Turkey’s sovereign rating by one notch to Ba2 on March 07, 2018. Bank’s rating outlook were also revised to Stable from Negative, in-line with the change in sovereign rating outlook. Long-term FC, Long-term LC, Baseline Credit Assessment (BCA), Adjusted BCA, Senior Unsecured Rating (FC and LC) revised down by one notch. Other ratings were affirmed.


S&P Global Ratings:
S&P Global Ratings( April 12, 2019 )
Outlook Stable
Long Term FC ICR B+
Long Term TL ICR B+
Stand-alone Credit Profile (SACP) b+

August 17, 2018: S&P Global Ratings announced on their report dated August 17, 2018 that they now assess Turkey's Banking Industry Country Risk Assessment (BICRA) as being in Group 9. As a result, they have revised down their bank anchor to ‘b+’ from ‘bb’ and this led to downward revision of the stand-alone credit profile and long-term issuer credit rating on six Turkish banks. Consequently, S&P revised down Türkiye Garanti Bankası A.Ş (the Bank)'s Long Term Foreign Currency and Long Term Local Currency ratings from "BB-" to “B+“ and the Bank’s Stand-Alone Credit Profile (SACP) rating from "bb" to “b+”. In addition, S&P stated that the “Stable” outlook on Garanti balances the downside risks they see on the Bank’s financial profile including pressure on its liquidity and asset quality, with benefit from its parent comanies'(BBVA) potential support.

May 4, 2018: Revised down the sovereign ratings on the Republic of Turkey from "BB" to "BB-" while revising up the outlook from "Negative" to "Stable" on its report dated May 1, 2018. Accordingly, S&P revised down Türkiye Garanti Bankası A.Ş (Bank)'s Long Term Foreign Currency and Long Term Local Currency ratings from "BB" to "BB-" and Stand-alone Credit Profile (SACP) rating from "bb+" to "bb". Moreover, S&P revised the Bank's rating outlook from "Negative" to "Stable", in line with the sovereign outlook. 

January 31, 2017: Revised the outlook of the sovereign ratings on the Republic of Turkey to Negative from Stable on its report dated January 27, 2017. Accordingly, revised the outlook of the Bank’s ratings to Negative from Stable while affirming its ratings.

September 22, 2017: Affirmed Bank’s Long Term Foreign Currency and Long Term Local Currency ratings at “BB” and Stand-alone Credit Profile (SACP) rating at "bb+" level.  Also affirmed the outlook on the Bank’s ratings at Negative in line with the outlook of the sovereign ratings on the Republic of Turkey. Stated in its report that the outlook on the Bank’s rating would be upgraded to Stable if the outlook on the sovereign ratings were revised to Stable. Furthermore, S&P noted that the Bank’s Foreign Currency rating is capped with the sovereign rating.

Long Term FC/LC: BB An obligor is less vulnerable in the near term than other lower - rated obligators. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitments. 
Long Term FC/LC: B An obligor rated 'B' is more vulnerable than the obligors rated 'BB', but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments
JCR Eurasia Ratings:
JCR Eurasia (August 17, 2018)
Long Term International FC BBB (Negative)
Long Term International TL BBB+ (Negative)
Long Term National AAA (Trk) (Negative)
Short Term International FC A-3 (Negative)
Short Term International TL A-2 (Negative)
Short Term National A-1 +(Trk) (Negative)
Sponsor Support 1
Stand Alone A

June 12, 2018: Affirmed Long Term International FC ratings at “BBB”, Long Term International LC ratings at “BBB+”, Short Term International FC rating at “A-3”, Short Term International LC rating at “A-2”, Long Term National rating at “AAA(Trk)”, Short Term National rating at “A-1+(Trk)”, Sponsor Support at “1” and Stand Alone rating at “A”. Outlook affirmed as “Stable”.

August 17, 2018: Affirmed the ratings of Türkiye Garanti Bankası A.Ş. as ‘AAA (Trk)' on the Long Term National Scale, ‘BBB' on the Long Term International Foreign Currency Scale and ‘BBB+' on the Long Term International Local Currency Scale, while revising down the rating outlook from “Stable” to “Negative”.

National Long Term
Credit Rating: AAA(Trk)
The highest level of capacity of the obligor to honor its financial commitment on the obligation
Long Term International FC: BBB
Long Term International LC: BBB+
An adequate level of capacity to honor the financial commitment on the obligation. However, this capacity is more likely to diminish in the future than in the cases of the higher rating categories.


JCR Eurasia Ratings Corporate Governance Rating:

Garanti’s Corporate Governance Ratings 

JCR Eurasia Rating (December 11, 2018)

Main Sections Weight Score  Convergence Level   Notch degree   Outlook 
Shareholders  25% 9.22  AAA (Trk)
Public Disclosures and
25% 9.67  AAA (Trk)
Stakeholders  15% 9.72  AAA (Trk)
Board of Directors   35% 9.75  AAA (Trk)
Corporate Governance
Overall Score
  9.60  AAA (Trk)

The CMB pursued a significant change regarding the methodology of calculation of compliance rating scores in the beginning of 2014. Based on the recent CMB legislation, the new scoring methodology consists of two stages in which companies are allocated a base and a full score. In the new system, companies are first assigned a base score with a maximum of 85 points determining their compliance with the rules and practices outlined in the Code. In the second stage, an additional 15 points may be awarded depending on the efficient implementation and value creation achieved through practices exceeding those specified in the principles. Practices not stated in the Code but determined by JCR Eurasia Rating as best governance practices are also taken into account in the assignment of additional points. The Code consists of four main sections; Shareholders, Public Disclosure and Transparency, Stakeholders and Board of Directors, and these main sections’ coefficients, which were determined by the CMB, are 25%, 25%, 15% and 35%, respectively.

Garanti increased its overall corporate governance score to 9.60 from 9.51 in JCR ER’s report dated December 11, 2018 and continued to be included in the Borsa Istanbul (BIST) Corporate Governance Index. Increase in the score was due to improvement in the Public Disclosure and Transparency (raised from 9.40 to 9.67), Stakeholders (raised from 9.57 to 9.72) and Board of Directors (raised from 9.66 to 9.75) sections.