Announcement regarding Standard & Poor's Credit Ratings
Standard & Poor's (S&P) announced on their report dated August 17, 2018 that they now assess Turkey's Banking Industry Country Risk Assessment (BICRA) as being in Group 9. As a result, they have revised down their bank anchor to 'b+' from 'bb' and this led to downward revision of the stand-alone credit profile and long-term issuer credit rating on six Turkish banks.
Consequently, S&P revised down Türkiye Garanti Bankası A.Ş (the Bank)'s Long Term Foreign Currency and Long Term Local Currency ratings from 'BB-' to 'B+' and the Bank's Stand-Alone Credit Profile (SACP) rating from 'bb' to 'b+'.
In addition, S&P stated that the 'Stable' outlook on Garanti balances the downside risks they see on the Bank's financial profile including pressure on its liquidity and asset quality, with benefit from its parent companies'(BBVA) potential support.
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Turkiye Garanti Bankasi AS published this content on 20 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 August 2018 07:25:07 UTC
Turkiye Garanti Bankasi AS is a Turkey-based banking institution. It operates under the following business segments: Retail Banking, Corporate/Commercial Banking and Investment Banking. The banking products served to customers are: custody services, time and demand deposits, accumulating deposit accounts, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, gold loans, foreign currency loans, Eximbank loans, pre-export loans, Export Credit Agency (ECA) covered financing, letters of guarantee, letters of credit, export factoring, acceptance credits, draft facilities, forfeiting, leasing, insurance, forward, futures, salary payments, investment account (ELMA), cheques, safety boxes, bill payments, tax collections and payment orders. The Bank provides service packages to its corporate, commercial and retail customers including deposit, loans, leasing and factoring, among others.
TURKIYE GARANTI BANKASI 
