Moody's upgrades Denizbank to A3

Moody's Investors Service said it raised the local-currency deposit ratings of Denizbank AS to A3/Prime-2 with a stable outlook from Baa3/Prime-3.

This concludes the rating review begun in May following the agreement signed between Dexia and Zorlu Holding, Denizbank's former majority owner, to sell a 75% stake in Denizbank to Dexia.

The agency said the upgrade reflects the high likelihood of potential support from Dexia. The ratings are now constrained by Turkey's A3/Prime-2 ceiling.

As required under Turkish regulations, Dexia will launch a mandatory tender offer for the remaining 25% of the ordinary share capital of Denizbank that it does not already own, Moody's added.

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