9/16/2020
Moody's Downgrades the Credit Note of Turkish Banks
It is stated that the downgrading of the credit note for banks has resulted from the downgrade of the country’s credit note. It is stated that the credit note of the entirety of banks has remained negative in line with the credit note of the country with a negative outlook…
International credit rating agency Moody's Investors Service has this time downgraded the credit note of Turkish banks following a recent downgrade for the country’s credit note with outlooks remaining “negative” TEBA:1985/ September 14, 2020 Moody's has downgraded the foreign currency long-term deposit ratings of 12 banks in Turkey, the long-term counterparty risk ratings (CRR) and the long-term counterparty risk assessments (CRA) of six banks and the long-term senior unsecured rating of one bank by one notch and the long-term foreign currency CRR of three banks by two notches. 12 banks of which the long-term foreign currency deposit ratings are downgraded are listed as Akbank, Alternatifbank, Denizbank, HSBC Bank AŞ (Türkiye), QNB Finansbank,T.C. Ziraat Bankası, Türk Ekonomi Bankası (TEB), Garanti BBVA, Halk Bank, İşbank, Vakıfbank and Yapı Kredi. It is stated that the downgrading of the credit note for banks has resulted from the recent downgrade of the country’s credit note. It is stated that the credit note of the entirety of banks has remained negative in line with the credit note of the country with a negative outlook. Moody’s stated that the negative outlooks reflect the downside risks associated with a balance of payments crisis, which could lead to capital controls and restrictions on foreign currency outflows.
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