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S&P downgrades 4 Turkish Banks viewing from “stable” to “negative”

The international credit rating agency Standard & Poor’s (S&P) has announced that views of rating of 4 banks in Turkey have been reduced from “stable” to “negative”.

It was announced that the views of ratings of IsBank, VakifBank, Yapi Kredi Bank and Garanti Bank were changed from “stable” to “negative” in the statement made from the S&P. It was also stated that the views of rating of the leasing company Garanti Leasing has been reduced from “stable” to “negative”.

Besides this, S&P informed that credit ratings of these institutions were maintained at “BB” level.

It was pointed out that Turkey’s view of rating has been reduced by S&P last Friday with the following expression; “The financial profiles and performances of Turkish banks will continue to be highly correlated with the credit worthiness of the country”

S&P had reduced Turkey’s view of credit from “stable” to “negative” while confirming its foreign currency credit rating at “BB” and domestic currency rating at “BB +” last Friday.

Osman Bilgin

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