Moody’s lowers GarantiBank

Moody's Investors Service said it downgraded the long-term and short-term deposit ratings of GarantiBank International NV to Baa3 and Prime-3 from Baa1 and Prime-2, respectively.

The agency also downgraded the bank's baseline credit assessment and adjusted baseline credit assessment to ba1 and baa3 from baa3 and baa2, respectively.

Moody's downgraded the long-term and short-term counterparty risk rating to Baa2 and Prime-2 from A2 and Prime-1.

The bank's counterparty risk assessments were also downgraded to Baa1(cr)/Prime-2(cr) from A2(cr)/Prime-1(cr).

Moody's assigned a negative outlook to the long-term deposit rating.

The agency said the action follows Moody's downgrade of the ratings of Turkiye Garanti Bankasi (B1 negative, b2), GarantiBank's parent domiciled in Turkey (Ba3 negative), on Aug. 28.

© 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.