Moody’s acts on 17 Turkish banks

Moody's Investors Service said it took actions on 17 Turkish banks.

The long-term debt and deposit ratings of 14 banks were affirmed and their outlooks were changed to negative from stable.

The ratings of one additional bank were downgraded with a negative outlook, while the ratings of two other banks were affirmed with outlooks unchanged.

The outlook change was prompted by the deterioration of the outlook for Turkey's credit profile as captured by Moody's March 17 decision to change the outlook on Turkey's Ba1 government issuer rating to negative from stable.

Moody's downgraded Sekerbank TAS’ long-term deposit ratings to B2 from B1 and standalone baseline credit assessment to b2 from b1, and assigned a negative outlook to the long-term deposit ratings.

The agency revised the outlooks on Akbank TAS; Alternatifbank AS; HSBC Bank AS (Turkey); ING Bank AS (Turkey); Finansbank AS; T.C. Ziraat Bankasi; Turkiye Halk Bankasi AS; Turkiye Vakiflar Bankasi TAO; Turk Ekonomi Bankasi AS; Turkiye Garanti Bankasi AS; Yapi ve Kredi Bankasi AS; Turkiye IS Bankasi AS; Turkiye Sinai Kalkinma Bankasi AS; and the GRI Export Credit Bank of Turkey AS.

The agency affirmed Burgan Bank AS’ and Denizbank AS’ local and foreign currency deposit ratings with unchanged outlooks.

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