Fitch Ratings Update for Turkiye Garanti Bankasi A.S.

On June 13, 2024, Fitch Ratings affirmed Turkiye Garanti Bankasi A.S.’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at “B” and Long-Term Local Currency IDR at “B+”, both with Positive Outlooks. The agency also upgraded the bank's Viability Rating from “b” to “b+”, removing it from Rating Watch Positive.

The bank's other ratings remain unchanged. The Short-Term Foreign-Currency and Local Currency IDRs are both rated “B”. The Shareholder Support Rating is also at “b”. National Long-Term Rating stands at AA(tur).

This reflects Fitch's confidence in Garanti BBVA’s financial health and resilience. The coherence between the Turkish and English versions of the disclosure is maintained.