S&P Global Ratings on July 31 revised to negative from stable the outlook on Garanti Finansal Kiralama AŞ and Türkiye Garanti Bankası AŞ, Turkish units of Spanish banking group Banco Bilbao Vizcaya Argentaria SA.
The agency affirmed the B+ long-term issuer credit rating of Türkiye Garanti Bankası and the B+/B long- and short-term issuer credit ratings of Garanti Finansal Kiralama, or Garanti Leasing.
The negative outlook reflects the downside risks to the bank's financial profiles over the next 12 months, the agency said, noting that the two banks are vulnerable to any further deterioration in operating conditions in Turkey.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.