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S&P changes five Turkish financials to negative
S&P said it revised its outlook on the following five Turkish financial institutions to negative from stable: Turkiye Is Bankasi AS (Isbank); Turkiye Garanti Bankasi AS (Garanti); Garanti Finansal Kiralama AS (Garanti Leasing); Yapi ve Kredi Bankasi AS (YapiKredi); and Turkiye Vakiflar Bankasi TAO (VakifBank).
At the same time, the agency affirmed the BB long-term counterparty credit ratings on all five financial institutions and the B short-term ratings on Isbank, Garanti Leasing, YapiKredi and VakifBank.
S&P also lowered the long-term Turkey national scale ratings on Isbank, VakifBank and YapiKredi to trAA- from trAA. It affirmed the trA-1 short-term Turkey national scale ratings on these entities.
The outlook revision follows the Jan. 27 revision on the Republic of Turkey, the agency said in a news release.
“The outlook revision on Turkey reflects the risk that sustained inflationary and currency pressures could weaken the financial strength of Turkey's companies and banks, undermining growth and fiscal outcomes during a period of rising global interest rates. The stand-alone credit profiles (SACPs) of Garanti, Isbank, VakifBank, and YapiKredi remain unchanged at bb+.”
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