Moody's may cut Eurobank Tekfen

Moody's Investors Service said it placed on review for possible downgrade the Ba2 long-term global local-currency deposit rating of Eurobank Tekfen AS. That rating has a negative outlook.

The agency also said it changed to stable from positive the Ba3 long-term foreign-currency deposit ratings of the bank.

The review follows the downgrade of Greek EFG Eurobank Ergasias, which is the parent of Turkish Eurobank Tekfen.

The outlook of the foreign-currency deposit rating was changed to stable from positive due to the placing of Eurobank Tekfen's global local-currency deposit rating on review.

At present, the bank's foreign-currency deposit rating is constrained by the Ba3 foreign-currency deposit ceiling for Turkey, which carries a positive outlook.

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