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Following its rating downgrade for Turkey, Fitch has downgraded various ratings of 24 Turkish banks, including Akbank.
• Long Term Local Currency (LC) IDR downgraded from BB+ to BB. (Outlook is negative) • Short Term FC and LC IDR affirmed at B. • National Long Term rating downgraded from AA+ to AA. (Outlook is stable) • Viability Rating downgraded from bb+ to bb-. • Senior Unsecured note downgraded from BB+ to BB-. • Subordinated note downgraded from BB to B+. 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.