Turkiye Garanti Bankasi A.S. Ratings Upgraded by Fitch

Fitch Ratings has upgraded the ratings of Turkiye Garanti Bankasi A.S. (Garanti BBVA), affecting both its Long-Term Foreign Currency and Local-Currency Issuer Default Ratings (IDRs). Announced on March 18, 2024, the upgrades reflect a positive outlook for the Turkish bank, closely following the upgrade of Türkiye's national rating earlier in the month. The Long-Term IDRs have been elevated to "B" from "B-" for foreign currency and to "B+" from "B" for local currency, with outlooks revised to "Positive."

In conjunction to the IDRs, Fitch also upgraded Garanti BBVA's Long-Term Senior Unsecured Debt and Subordinated Debt ratings, and the Shareholder Support rating witnessed improvement. The Bank’s Viability Rating has been notably placed under Rating Watch Positive at "b." These revisions mirror the adjustments in the country's rating, showcasing potential confidence in the Turkish banking sector. This development aligns with Garanti BBVA's compliance with regulatory principles, ensuring accurate and transparent information dissemination.