Moody's Downgraded the Credit Ratings of 13 Turkish Banks

Moody's Downgraded the Credit Ratings of 13 Turkish Banks Moody's downgraded the credit ratings of 13 Turkish banks. The organization reported that this was due to downgrade of the country rating. Moody's, the international credit rating agency, decreased the long-term deposit credit ratings of 12 Turkish banks in foreign currency, the long-term counterparty risk rating and long-term counterparty risk rating of six banks, the long-term top-level unsecured credit rating of one bank and the long-term foreign currency rating of three banks and the counterparty risk rating in terms of two banks. In the agency's statement published on Tuesday, it was stated that the downgrade of 13 banks was due to the country rating cut last Friday. Turkey's credit rating, the country's external vulnerabilities are buffer next to the erosion of financial and organizational difficulties have been cited and had dropped from B1 to B2 by Moody's. The organization stated that financial measurements could deteriorate faster than expected and left the rating outlook 'negative'. In the institution's rating, it was reported that the credit ratings of all Turkish banks were left negative in line with the negative outlook on the country rating. Moody's noted that the negative outlook reflects downside risks due to the balance of payments crisis, which could lead to capital controls and foreign currency outflow restrictions. The following are the 12 banks whose long-term deposit credit ratings in foreign currency were lowered:  

Akbank, Alternatif, Denizbank, HSBC Bank (Turkey), QNB Finansbank, T. C. Ziraat Bank, Turkish Economy Bank (TEB), Garanti BBVA, Halk Bank, İşbank, Vakıfbank and Yapı Kredi.