Moody’s lowers Turkish banks

Moody’s Investors Service said it lowered senior unsecured debt ratings of four Turkish banks to B3 from B2 and changed their outlooks, where applicable, to stable from negative.

The downgrades follow the agency’s downgrade of Turkey’s bond rating to B3 from B2 and revised its outlook to stable from negative, Moody’s said.

The banks downgraded are Akbank TAS, Export Credit Bank of Turkey, Turkiye Vakiflar Bankasi TAO and Yapi ve Kredi Bankasi AS.

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