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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". Bank's current ratings are as follows:
*In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.