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Moody's places Halkbank ratings on review for downgrade after US charges


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Moody's places Halkbank ratings on review for downgrade after US charges

Moody's placed Türkiye Halk Bankası AŞ's "caa2" baseline credit assessment and B3 long-term bank deposit and senior unsecured debt ratings on review for downgrade, with the outlook on the long-term ratings revised to rating under review from negative.

The ratings actions follow U.S. prosecutors filing charges against the bank for allegedly taking part in a multibillion-dollar scheme to evade the country's sanctions against Iran. The review for downgrade considers an increased likelihood that the bank may require extraordinary support due to legal risks.

Moody's said that a sizeable fine or a deterioration in Turkey's operating environment could lead to a downgrade of the bank's aforementioned ratings.

The agency also placed on review for downgrade the bank's "caa2" adjusted baseline credit assessment, B2(cr) long-term counterparty risk assessment, and B2 long-term counterparty risk ratings.

At the same time, the agency affirmed the bank's NP(cr) short-term counterparty risk assessment, and NP short-term counterparty risk ratings and bank deposit ratings.