Fitch cuts Garanti Bank support rating

Fitch Ratings said it affirmed Garanti Bank SA's long-term issuer default rating at BB- with a stable outlook, short-term issuer default rating at B and viability rating at bb-, and downgraded its support rating to 4 from 3.

The agency said the actions follow the downgrade of Garanti Bank's direct parent Turkiye Garanti Bankasi AS to B+ with a negative outlook.

“GBR's issuer default ratings are driven by its VR, and the stable outlook reflects our view that GBR is sufficiently independent from TGB and that internal and regulatory restrictions on capital and funding transfers are sufficiently strict to allow for GBR to be rated above TGB,” the agency said in a news release.

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