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Fitch: Garanti Bank outlook to stable
Fitch Ratings said it revised Garanti Bank SA's outlook to stable from negative and affirmed the long and short-term issuer default ratings at BBB-/F3 and support rating at 2.
The b+ viability rating is not affected action.
The agency said it revised its assumptions regarding the source of support for Garanti Bank’s ratings following the Feb. 2 action taken on its direct parent, Turkiye Garanti Bankasi SA (Garanti; BBB-/stable).
The action reflects Fitch's view that Garanti Bank’s ultimate parent, Banco Bilbao Vizcaya Argentaria (BBVA; A-/stable), would support the bank if needed (therefore providing a floor to the rating), but would not support Garanti Bank over and above the support it would likely provide for Garanti (which therefore caps the rating).
Garanti Bank is fully owned by Garanti, and Garanti's ratings in turn, are driven by support from its minority but controlling shareholder, BBVA.
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