S&P Downgrades Credit Rating of 4 Banks in Turkey After Revising Turkey’s Rating to Negative

Revising its outlook for Turkey’s sovereign credit rating to negative from stable on January 27, rating agency Standart&Poor's has now also downgraded the rating of four Turkish banks; İş Bank, Vakıflar Bank, Yapı ve Kredi Bank and Garanti Bank.

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S&P Downgrades Credit Rating of 4 Banks in Turkey After Revising Turkey’s Rating to Negative

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International rating agency Standart&Poor's (S&P) has downgraded the credit rating of four Turkish banks.

The revised ratings of the banks are as follows;

Outlook for Türkiye İş Bank's credit rating from BB/stable to BB/negative

Outlook for Türkiye Vakıflar Bank's credit rating from BB/stable to BB/negative

Outlook for Yapı ve Kredi Bank's credit rating from BB/stable to BB/negative

Outlook for Garanti Bank's credit rating from BB/stable to BB/negative

Turkey was downgraded in report on January 27

S&P had downgraded Turkey's sovereign credit rating from stable to negative on its report on Turkey on January 27 and warned that "The monetary policy response to currency and inflationary pressures of Turkey's central bank may prove insufficient to anchor its inflation-targeting regime". (HK/DG)