Moody’s cuts five Turkish banks’ bonds

Moody’s Investors Service said it lowered covered bonds issued by five Turkish banks. The downgrades follow Moody’s lowering of Turkey’s local-currency bond ceiling to Ba3 from Ba2 on Friday.

Moody’s cut mortgage covered bonds issued by Akbank TAS, Turkiye Garanti Bankasi AS, Turkiye Vakiflar Bankasi TAO, Yapi ve Kredi Bankasi AS to Ba3 from Ba2 and SME covered bonds issued by Sekerbank TAS to Ba3 from Ba2.

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