Moody’s cuts Garanti ratings

Moody's Investors Service said it downgraded the long-term and short-term deposit ratings of GarantiBank International NV, which is now Garanti BBVA International, to Ba1 from Baa3 and to Not Prime from Prime-3, respectively.

The agency also downgraded the bank's standalone baseline credit assessment to ba2 from ba1 and its adjusted baseline credit assessment to ba1 from baa3.

Moody's downgraded the long-term and short-term counterparty risk ratings to Baa3 from Baa2 and Prime-3 from Prime-2, respectively.

The bank's long-term counterparty risk assessment was also downgraded to Baa2(cr) from Baa1(cr), while its short-term counterparty risk assessment of Prime-2(cr) was affirmed.

The outlook is negative.

The agency said the action follows Moody's downgrade of the ratings of Turkiye Garanti Bankasi AS (Garanti BBVA, B2 negative, b3), the parent domiciled in Turkey (B1 negative), on June 18.

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