Announcement regarding Moody’s Ratings
Announcement regarding Moody’s Ratings
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. Bank’s current ratings are as follows: