Fitch ups Garanti local currency IDR to BB+

Fitch Ratings said it has upgraded Garanti Finansal Kiralama AS's (Garanti Leasing) and Garanti Factoring AS's (Garanti Factoring) local currency issuer default ratings (IDR) to BB+ from BB- and national long-term ratings to AA(tur) from A+(tur).

At the same time, the agency affirmed the companies' foreign currency IDR at BB-, short-term foreign and local currency ratings at B and support rating at 3.

The outlooks on the IDRs and national rating remain positive and stable, respectively.

Fitch said the rating changes reflect the upgrade in the local currency IDR and national rating of Turkiye Garanti Bankasi AS, the companies' majority shareholder, to BB+ from BB- and to AA(tur) from A+, prompted by the support of GE Consumer Finance and improving intrinsic financial condition of the bank.

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