Moody’s might lower GarantiBank

Moody's Investors Service said it placed the A3 long-term deposit rating of the GarantiBank International NV on review for downgrade.

The agency also placed the bank's baseline credit assessment and adjusted BCA of baa2 on review for downgrade.

Moody’s affirmed the bank's short-term deposit ratings at Prime-2.

The long-term and short-term counterparty risk assessments of A2(cr) and Prime-1(cr) were also placed on review for downgrade.

The agency said the actions follow the downgrade of Turkey's government bond rating to Ba2 with stable outlook, from Ba1 with negative outlook, which was triggered by continuing erosion of institutional strength and increased risk of an external shock due to high external debt and political risks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.