Moody’s lowers rating for nine Turkish banks to B2
Moody’s, the international credit rating agency, has announced that it has reduced “long-term foreign currency denominated deposits” rating for Turkey’s nine banks from B1 to B2. Moody’s B2 rating corresponds to “very speculative” whereas B1 means “speculative.”
Among said banks with lowered ratings are Akbank, Alternatifbank, ING Bank, QNB Finansbank, Ziraat Bank, Turkish Economy Bank, Garanti Bank, Vakıfbank and Yapı ve Kredi Bank.
Just to recall, Moody’s had dropped Turkey’s deposit rating yesterday. In its statement Moody’s shared that concerned new ratings originated from downgrade of rating regarding Turkey’s long-term foreign currency bank deposits.
Moody’s had made concerned decision for Turkey on 25th September 2018 and announced it had lowered Turkey’s ceiling note from B1 to B2 on the grounds of the increase of risk Turkey’s government could intervene to prevent movements (draws) regarding foreign currency deposits.
