Turkiye Garanti Bankasi A.S.: Moody’s Rating Upgrade

On July 19, 2024, Moody’s upgraded Turkey’s sovereign rating to B1 from B3 with a positive outlook. The foreign-currency ceiling was raised to Ba3 from B2, and the local-currency ceiling to Ba1 from Ba3. Following this action, Moody’s upgraded Garanti BBVA’s Long Term Foreign and Local Currency Deposit Ratings to Ba3 from B3 on July 23, 2024.

Garanti BBVA’s standalone credit assessment (BCA) was upgraded to b1 from b3, and the Adjusted BCA to ba3 from b3. Moody’s cited the improvement of the operating environment and the bank’s resilient performance as reasons for the upgrade. The positive outlook on ratings remains unchanged.

Garanti BBVA’s current ratings reflect significant improvement:R. H.