Fitch: Turkiye Garanti Bankasi support at 4

Fitch Ratings said it changed Turkiye Garanti Bankasi's support rating to 4 from 3.

At the same time, the agency said it has assigned a support rating floor of B+ while the bank's other ratings are affirmed at: long-term foreign currency issuer default rating, BB, outlook stable; LT local currency issuer default rating, BBB-, outlook stable; short-term foreign currency issuer default rating, B; short-term local currency issuer default rating, F3; national long-term rating, AAA(tur), outlook stable; and individual rating, C.

Fitch said that the change follows the transfer of shares concluded on Dec. 24 between the bank's strategic shareholders, following which GE Capital Corp. now controls 20.58% of Garanti Bank, previously 25.5%, and Dogus Group (rated BB+/outlook stable) controls 30.15%, previously 25.5%.

While Fitch said it continues to believe that the propensity of Garanti Bank's strategic shareholders to provide support, in case of need, is high, the fact that the two groups no longer hold equal stakes could, potentially, give rise to some doubt over their commitment to act in concert regarding support matters.

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