Moody’s lowers Turkish banks

Moody's Investors Service said it downgraded 18 Turkish banks, concluding the review for downgrade initiated on June 7.

The entities include Akbank TAS, Alternatifbank AS, Denizbank AS, Export Credit Bank of Turkey AS, HSBC Bank AS (Turkey), ING Bank AS (Turkey), Nurol Investment Bank, Odea Bank AS, QNB Finansbank AS, Sekerbank TAS, TC Ziraat Bankasi, Turk Ekonomi Bankasi AS, Turkiye Garanti Bankasi AS, Turkiye Halk Bankasi AS, Turkiye Is Bankasi AS, Turkiye Sinai Kalkinma Bankasi AS, Turkiye Vakiflar Bankasi TAO and Yapi ve Kredi Bankasi AS.

The downgrades primarily reflect a substantial increase in the risk of a downside scenario, where a further negative shift in investor sentiment could lead to a curtailing of wholesale funding, Moody’s said.

The agency also said that Turkey's operating environment has deteriorated beyond its previous expectations, and it expects it will continue to so.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.