Moody’s may lower GarantiBank on review

Moody's Investors Service said it placed the long-term deposit ratings of the GarantiBank International NV of A3 on review for downgrade.

The agency also said it placed the bank's baseline credit assessment and adjusted baseline credit assessment of Baa2 on downgrade review.

The agency also said it affirmed the bank's short-term deposit ratings at prime-2.

The long-term and short-term counterparty risk assessments of A2(cr) and prime-1(cr) also were placed on downgrade review.

These actions follow the review for downgrade of Turkey's Baa3 government bond rating, which was triggered by the military coup attempt, Moody’s said.

Even though the coup failed, the agency said it considers it to be a reflection of broader political challenges and expects credit risks associated with recent events to remain elevated.

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