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International credit rating agency Moody's revised credit ratings of 20 Turkish financial institutions, including İşbank, pursuant to the downgrade of Turkish sovereign rating, on 17 August 2018.
The agency announced that the Long-Term Local Currency and Foreign Currency Issuer and Long-Term Local and Foreign Currency Deposit Ratings of İşbank were downgraded to B2 from Ba3. Outlooks assigned to the aforementioned ratings have been determined as Negative. Short Term Local Currency and Foreign Currency Deposit Ratings were affirmed at Not-Prime.
The list of the current ratings assigned to İşbank by Moody's is as follows:
Long-term Foreign Currency / Local Currency Issuer Rating / Outlook: B2 / Negative
Long-term Foreign Currency / Local Currency Deposit Rating / Outlook: B2 / Negative
Short-term Foreign Currency / Local Currency Deposit Rating: Not-Prime
This is the translation of the Turkish public disclosure made by Türkiye İş Bankası A.Ş. through the Public Disclosure Platform, under the Material Events Guideline prepared in accordance with the Communique of Material Events, numbered II-15.1. According to the Material Events Guideline and the regulations, the Turkish public disclosure shall prevail.
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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.