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Moody's puts GarantiBank International on review for downgrade

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Moody's puts GarantiBank International on review for downgrade

Moody's on June 13 placed on review for downgrade Netherlands-based GarantiBank International NV's long- and short-term deposit ratings of Baa1/Prime-2.

The long-term rating previously had a stable outlook. The ratings action follows the June 1 review for downgrade of Turkey's Ba2 long-term issuer ratings.

The agency also placed on review for downgrade the bank's "baa3" baseline credit assessment, "baa2" adjusted baseline credit assessment and A2(cr)/P-1(cr) long- and short-term counterparty risk assessments.

The ratings action reflects that the bank, being a direct unit of Türkiye Garanti Bankasi AS, is exposed to the weakening operating environment in Turkey. The rating agency assumes a moderate likelihood that the Dutch bank will receive affiliate support from its ultimate parent Banco Bilbao Vizcaya Argentaria SA.