trending Market Intelligence /marketintelligence/en/news-insights/trending/otgf_b9javgpxa3e8pl67a2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

S&P downgrades 5 Turkish banks

State Of Indonesian Online Video: Subscription

Virtual Multichannel Revenues Projected To Soar In Next Five Years

Street Talk Episode 45 - Fed Moving From Rate Hikes To Lower For Longer

Consumer Engagement Remains Challenging For OTT Players In Asia


S&P downgrades 5 Turkish banks

S&P Global Ratings on July 22 acted on five Turkishbanks following the July 20 downgrade of the sovereign.

S&P downgraded the long-term counterparty credit ratingsof Türkiye Is BankasiAS, Türkiye GarantiBankasi AS and unit Garanti Finansal Kiralama AS, andTürkiye Vakiflar BankasiTAO to BB from BB+.

The short-term counterparty credit ratings of Isbank,Garanti Finansal, Yapi ve Kredi and Vakifbank were affirmed at B.The agency also downgraded the long-term Turkey national scale ratings on Isbank,Vakifbank and Yapi ve Kredi to "trAA-" from "trAA+". Theshort-term Turkey national scale ratings on these entities were affirmed at"trA-1".

The outlook on all five rated entities is negative.

S&P said that in the wake of the failed coup in Turkey,the government and the country's banks face increased risks to their ability toroll over short-term debt. The possible erosion of investor confidence in thecountry could hit lenders' wholesale funding, which is heavily reliant onforeign sources, the agency added, noting that asset quality, earnings andcapitalization could also be hit by "any marked weakening in economicgrowth."

The agency noted the positive effects of decelerating creditgrowth and the authorities' recent proactive measures to banks' liquidity if needed.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.