Fitch Ratings on Aug. 2 downgraded the support rating of Romania-based Garanti Bank SA to 4 from 3.

The downgrade follows a similar action on the bank's direct Turkish parent, Türkiye Garanti Bankası AŞ.

The Romanian lender's support rating indicates a limited probability of getting institutional support from ultimate parent Banco Bilbao Vizcaya Argentaria SA, which holds a controlling stake in Türkiye Garanti Bankası. Risks of the Turkish government intervening in Turkey's banking sector also limits Fitch's assessment of available support for Türkiye Garanti Bankası and Garanti Bank.

Fitch said the stable outlook reflects its view that Garanti Bank is sufficiently independent from Türkiye Garanti Bankası and that its regulatory restrictions on capital and funding transfers allow for it to be rated above its direct parent.

Garanti Bank's BB-/B long- and short-term issuer default ratings and "bb-" viability rating were also affirmed. The outlook is stable.