S&P Global Ratings on May 10 revised to stable fromnegative the outlooks on Yapi veKredi Bankasi AS, Türkiye Garanti Bankasi AS and its core unit, ,and Turkish government-owned Türk Eximbank.
The outlook revisions followed a similar on the Turkish sovereign.
S&P Global Ratings affirmed the BB+ long-termcounterparty credit ratings of Yapi Kredi, Garanti Bankasi and Garanti Leasingand the B short-term ratings of Yapi Kredi and Garanti Leasing. The trAA+/trA-1long- and short-term Turkey national scale ratings on Yapi Kredi were alsoaffirmed.
The agency also affirmed Türk Eximbank's BB+/B long- andshort-term foreign-currency ratings and BBB-/A-3 long- and short-termlocal-currency credit ratings. Türk Eximbank's ratings reflect the agency'sexpectation that the Turkish government will likely provide the lender"timely and sufficient extraordinary support" in the event offinancial distress.
S&P Global Ratings said the stable outlooks on YapiKredi, Garanti Bankasi and Garanti Leasing reflect its expectation that theentities would receive support from their foreign parents if their stand-alonecredit profiles were to worsen as a result of deteriorating operatingconditions in Turkey.
S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.