Ratings
| Long Term FC IDR |
B / Positive Outlook |
| Short Term FC IDR |
B |
| Long Term TL IDR |
B+ / Positive Outlook |
| Short Term TL IDR |
B |
| Viability Rating |
b (Rating Watch Positive) |
| Shareholder Support |
b |
| National Long-term Rating |
AA(tur) |
| Long Term Senior unsecured notes |
B |
| Short Term Senior unsecured notes |
B |
| Subordinated notes |
B- |
15 March 2024: Fitch Ratings has upgraded Garanti BBVA’s Long-Term Foreign Currency and Local-Currency Issuer Default Ratings (IDRs) to “B” from “B-“ and to “B+” from “B”, respectively and revised the Outlooks to “Positive” from “Stable” on March 15, 2024. The rating action follows the upgrade of Türkiye's Long-Term IDR to “B+/Positive” from “B/Stable” on March 8th, 2024. The agency has also upgraded the Bank’s Long-Term Senior Unsecured Debt and Subordinated Debt ratings to “B” from “B-“ and to “B-“ from “CCC+”, respectively and the Shareholder Support rating to “b” from “b-“. The Bank’s Viability Rating has also been placed on Rating Watch Positive (RWP) at “b”.
22 September 2023: Fitch Credit Ratings has affirmed Garanti BBVA’s Long Term Foreign and Local Currency IDRs at “B-” and “B“, respectively and revised the Outlooks to Stable from Negative on September 22, 2023, following the revision of the Outlook on Türkiye's Long-Term IDR to Stable from Negative on 8 September 2023. The agency has also affirmed the Bank’s Viability Rating at “b”.
24 February 2023: Fitch Credit Ratings has affirmed Garanti BBVA’s Long Term Foreign and Local Currency IDRs at “B” and “B+“, respectively and left the outlook unchanged at Negative on February 24, 2023. The agency has also affirmed the Bank’s Viability Rating at “b”.
26 July 2022: Fitch Credit Ratings has downgraded Turkey’s Long Term Foreign Currency Issuer Default Ratings (IDR) to “B” from “B+” with Negative Outlook, on July 8th, 2022. Following this revision, Fitch Ratings has also revised the Bank’s Long Term Foreign and Local Currency IDRs to “B-” from “B” and “B” from “B+“, respectively. The agency also has decreased the Bank’s Viability Rating to “b” from “b+”, on July 26, 2022. In addition, the Long Term Senior Unsecured Notes and Subordinated notes of the Bank has also been downgraded to “B-” from “B“ and to “CCC“ from “B-”, respectively.
1 April 2022: Fitch Ratings has affirmed the Bank’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B', and its Long-Term Local Currency IDR at 'B+' on 31.03.2022. The Outlooks remain on Negative mirroring the sovereign Outlook. Fitch has also affirmed the bank’s Viability Rating (VR) at 'b+' and removed it from Rating Watch Negative.
25 February 2022: Fitch Credit Ratings has downgraded Turkey’s Long Term Foreign and Local Currency Issuer Default Ratings (IDR) to “B+” from “BB-“, and the country ceiling to “B+” from “BB-“ on February 11, 2022. Following this revision, Fitch Ratings has also revised the Bank’s Long Term Foreign and Local Currency IDRs to “B” from “B+” and “B+” from “BB-“, respectively. The agency also has placed the Bank’s Viability Rating on “Rating Watch Negative”, on February 25, 2022. In addition, the Long Term Senior Unsecured Notes and Subordinated notes of the Bank has also been downgraded to “B” from “B-“ and to “B-“ from “B”, respectively. Bank's current ratings are as follows.
10 December 2021: Fitch Credit Ratings has revised the Outlook on Turkey’s long term Issuer Default Ratings(IDRs) to “Negative” from “Stable” on December 2, 2021 and affirmed the IDRs at “BB-“ rating. Following this revision, Fitch Ratings has also revised the Bank’s long term local currency and foreign currency IDR outlooks to “Negative” from “Stable” on December 10, 2021.
04 May 2021: International rating agency Fitch Ratings has affirmed all the credit ratings and outlooks of T.Garanti Bankası A.Ş. on May 4, 2021.
26 February 2021 Following the revision of the outlook on Turkey's Long-Term IDRs to “Stable” from “Negative” on 19 February 2021; International rating agency Fitch Ratings has revised the outlook on Garanti’s Long Term LC IDR and Long term FC IDR to “Stable” from “Negative” on 26 February 2021.
1 September, 2020: Following the revision of the outlook on Turkey's Long-Term IDRs to Negative from Stable on 21 August 2020; International rating agency Fitch Ratings has revised the outlook on Garanti’s Long Term LC IDR to “Negative” on 1 September 2020.
May 19, 2020: Fitch Ratings affirmed the Bank's long-term FC IDR rating at B + level, while revising its outlook to negative from stable.
12 November 2019: Following the update of the outlook on Turkey’s Long Term FC IDR to “Stable” from “Negative” on 1 November 2019; Fitch Ratings has revised the outlook on Garanti’s Long Term FC IDR to “Stable” on 12 November 2019.
19 July 2019: Following the downgrade of Turkey’s sovereign rating by one notch to ‘BB-’ on 12 July 2019; Fitch Ratings has revised down some of the ratings of Türkiye Garanti Bankasi A.Ş. on 19 July 2019.
20 June 2019: Fitch Ratings has affirmed T. Garanti Bankası A.Ş’s ratings on June 20, 2019. Outlook remained ‘Negative’ on Long-term FC and LC IDR.
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+'
Moody's:
|
Outlook
|
Positive
|
|
Long Term FC Deposit
|
B3 (Stable)
|
|
Long Term TL Deposit
|
B3 (Stable)
|
|
Short Term TL Deposit
|
Not - Prime
|
|
Short Term FC Deposit
|
Not - Prime
|
|
Baseline Credit Assessment - BCA
|
b3
|
|
Adjusted BCA
|
b3
|
|
Senior Unsecured Rating (Regular Bond)
|
B3 (Stable)
|
|
Senior Unsecured Rating (Medium-Term Note Program)
|
(P) B3
|
|
National Scale Rating (NSR) Long Term Deposit
|
A1.tr
|
|
National Scale Rating (NSR) Short Term
|
TR-2
|
17 January 2024: Following the revision of the Outlook on Türkiye's credit rating to Positive from Stable on 12 January 2024, Moody’s has affirmed Garanti BBVA’s Long Term Foreign and Local Currency Deposit Ratings at “B3” and revised the outlooks to Positive from Stable on January 17, 2024. The agency has also affirmed the Bank’s baseline credit assessment ratings at “B3”. On 12 January 2024, Moody’s has also upgraded Türkiye’s FC country ceiling rate from “B3” to “B2” and following that, Garanti BBVA’s long-term FC counterparty risk rating (CRR) is upgraded from “B3” to “B2”.
16 August 2022: International rating agency Moody's downgraded Garanti BBVA’s long-term foreign-currency and local-currency deposit ratings to B3 from B2. The rating action follows Moody’s’s downgrading of Turkiye's sovereign bond rating to B3 with stable outlook from B2 with negative outlook, which also resulted in the downgrading of the country ceilings for foreign-currency to B3 from B2 and local-currency to B1 from Ba3 on 12 August 2022. Moody’s also affirmed Garanti BBVA’s BCA and the Adjusted BCA at b3.
10 December 2020: International rating agency Moody’s upgraded the long-term foreign currency deposit rating of Garanti BBVA to B2 from Caa1, with negative outlook. The rating action is driven by changes in the local currency and foreign currency country ceilings applied to the jurisdictions of the banks following the publication of Moody’s updated Local and Foreign Currency Country Ceilings for Bonds and Other Obligations Methodology on 7 December 2020. Bank’s current ratings are as follows:
18 June 2019: International rating agency Moody’s downgraded T. Garanti Bankası A.Ş.’s Long-term Foreign Currency Deposits, Long-term Local Currency Deposits, Baseline Credit Assessment and Senior Unsecured ratings by one notch, Adjusted Baseline Credit Assessment by two notches and placed negative outlook on June 18th, 2019 following the Agency’s decision to downgrade Turkey's sovereign ratings by one notch from Ba3 to B1on June 14th, 2019. Short-term ratings and national scale ratings were affirmed.
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.
JCR Eurasia Ratings:
| Long Term National |
AAA (tr) / Stable Outlook |
| Short Term National |
J1+ (tr) / Stable Outlook |
| Foreign Currency Long Term International |
BBB- / Stable Outlook |
| Local Currency Long Term International |
BBB / Stable Outlook |
September 28, 2023: JCR Eurasia Rating, has evaluated the consolidated structure of “Türkiye Garanti Bankası A.Ş.” (the “Bank”) in the highest investment level category, affirmed the Long-Term National Issuer Credit Rating at ‘AAA (tr)’ and the Short-Term National Issuer Credit Rating at ‘J1+ (tr)’ with ‘Stable’ outlooks on 28 September 2023. On the other hand, the Long-Term International Foreign and Local Currency Issuer Credit Ratings have been affirmed at ‘BBB-’ and ‘BBB’ respectively, with ‘Stable’ outlooks, positioned above the country ceiling.
September 29, 2022: On its report dated September 30, 2022, JCR Eurasia Rating has affirmed T. Garanti Bankası A.Ş.(the “Bank”)’s Long Term International Foreign and Local Currency ratings, within the investment grade category, as ‘BBB-' and ‘BBB' respectively, along with a “Stable” Outlook. On the other hand, the Bank’s Long Term National Scale rating has been affirmed as ‘AAA (Trk)' along with a ‘Stable' outlook which denotes the investment grade with the highest credit rating note assigned by the agency.
September 29, 2021: On its report dated September 29, 2021, JCR Eurasia Rating has affirmed the T. Garanti Bankası A.Ş.’s Long Term International Foreign and Local Currency ratings, within the investment grade category, as ‘BBB-' and ‘BBB', respectively while revising the Outlook to “Stable” from “Negative”. The Bank’s Long Term National Scale rating has been affirmed as ‘AAA (Trk)' with ‘Stable' outlook which denotes the investment grade with the highest credit rating note assigned by the agency.
August 26, 2020: JCR Eurasia Rating has affirmed the rating of ‘AAA (Trk)’ along with a ‘Stable’ outlook for Türkiye Garanti Bankası A.Ş. on the Long Term National Scale, which denotes the investment grade with the highest credit rating note assigned by the agency on its report dated August 26, 2020. On the other hand, the Long Term International Foreign and Local Currency ratings were assigned at ‘BBB-’ and ‘BBB’, respectively within the investment grade category as well.
June 11, 2019: JCR Eurasia Rating has affirmed the rating of ‘AAA (Trk)’ along with a ‘Stable’ outlook for Türkiye Garanti Bankası A.Ş. on the Long Term National Scale, which denotes the investment grade with the highest credit rating note assigned by the agency on its report dated June 11, 2019. On the other hand, the Long Term International Foreign and Local Currency ratings were affirmed at ‘BBB’ and ‘BBB+’, respectively within the investment grade category as well.
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”.
Garanti BBVA’s Corporate Governance Ratings
JCR Eurasia Rating (December 08, 2023)
| Shareholders |
25% |
9.73 |
AAA (Trk)
(Distinctive) |
(aaa)
(Exceptional) |
Stable |
Public Disclosures and
Transparency |
25% |
9.85 |
AAA (Trk)
(Distinctive) |
(aaa)
(Exceptional) |
Stable |
| Stakeholders |
15% |
9.87 |
AAA (Trk)
(Distinctive) |
(aaa)
(Exceptional) |
Stable |
| Board of Directors |
35% |
9.81 |
AAA (Trk)
(Distinctive) |
(aaa)
(Exceptional) |
Positive |
Corporate Governance
Overall Score |
|
9.81 |
AAA (Trk)
(Distinctive) |
(aaa)
(Exceptional) |
Positive |
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.
As a result of JCR Eurasia Rating’s assessment for 2023, our Bank’s Corporate Governance compliance score has remained as 9.81 (over 10) and the outlook has remained as Positive.
Positive Outlook
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