Moody's ups Ziraat Bankasi to D+

Moody's Investors Service said it upgraded the bank financial strength rating of T.C. Ziraat Bankasi to D+ from D. The bank's Baa1/prime-2 global local-currency deposit rating and B1/not-prime foreign-currency deposit ratings are not affected.

The outlook is stable.

The upgrade reflects the ongoing improvement in Ziraat's standalone financial strength, Moody's said. The rating factors in the bank's adequate capitalization ratios and healthy liquidity and asset quality metrics, the agency said.

The rating also considers a possible deterioration in the Turkish credit environment should the weakening macroeconomic conditions in Europe spread to Turkey, Moody's added.

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