S&P acts on Turkish financials

S&P said it acted on six Turkish financial institutions following the downgrade of the foreign currency sovereign rating on Turkey to BB- from BB.

Specifically, the agency lowered to BB- from BB the long-term issuer credit ratings on Türkiye Is Bankasi AS (Isbank), Türkiye Vakiflar Bankasi TAO (VakifBank), Garanti Finansal Kiralama AS (Garanti Leasing) and Yapi ve Kredi Bankasi AS (YapiKredi) and affirmed the B short-term issuer credit ratings.

S&P lowered to BB- from BB the long-term issuer credit rating on Türkiye Garanti Bankasi AS (Garanti).

The agency lowered its long-term Turkey national scale ratings on Isbank, VakifBank and YapiKredi to trA+ from trAA- and affirmed the trA-1 short-term Turkey national scale ratings.

S&P lowered to B+ from BB- the long-term issuer credit rating on Albaraka Turk Katilim Bankasi (Albaraka Turk) and affirmed the B short-term issuer credit rating.

The agency also lowered its Turkey national scale ratings on Albaraka Turk to trA-/trA-2 from trA+/trA-1.

S&P lowered its ratings on Albaraka Turk's senior and subordinated sukuk trust certificates issued through Bereket Valik Kiralama AS to B+ from BB-, ABT Sukuk Ltd. and Albaraka Sukuk Ltd. to CCC from CCC+.

The outlooks are stable.

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