Turkiye Garanti Bankasi A S : Announcement regarding Fitch Credit Ratings
December 02, 2014 at 09:38 pm IST
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TO : INVESTMENT COMMUNITY
FROM : GARANTI BANK / Investor Relations
Tel: (90 212) 318 2352
Fax: (90-212) 216 5902
E-mail: investorrelations@garanti.com.trSUBJECT : Announcement regarding Fitch Credit Ratings DATE : December 02, 2014
Fitch Ratings has placed the Issuer Default Ratings (IDRs) of Turkiye Garanti Bankasi A.S. (Garanti) on Rating Watch Positive (RWP). Fitch Ratings has explained that such decision was taken following an announcement made by Banco Bilbao Vizcaya Argentaria S.A. (BBVA; A-/ Stable) on 19 November 2014 regarding the increase of its stake in Garanti Bank to 39.9% from the current 25%.
At the same time, Fitch has revised down the Support Rating Floors (SRFs) of Garanti to 'BB-' from 'BB+'. Fitch Ratings has stated that the revision of the SRFs reflects a reassessment of the Turkish sovereign's ability to provide support to the banks in foreign currency (FC).
The rating actions of Fitch on the ratings of Turkiye Garanti Bankasi A.S. are as follows:
• Long-term foreign currency (FC) and local currency (LC) IDRs of 'BBB-' placed on RWP
• Short-term FC and LC IDRs of 'F3' placed on RWP
• National Long-term rating of 'AA+(tur)' placed on RWP
• Support Rating of '3' placed on RWP
• Support Rating Floor revised to 'BB-' from ''BB+'
• Viability Rating of 'bbb-' unaffected
• Senior unsecured debt: 'BBB-', placed on RWP
In contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail.
We declare that our above statements are in conformity with the principles included in the Board's Communiqué. Serial VIII Nr. 54.. that it exactly reflects the information we received; that the information complies with our records. books and documents; that we did our best to obtain the correct and complete information relative to this subject and that we are responsible for the declarations made in this regard.
Turkiye Garanti Bankasi AS is a Turkey-based banking institution. It operates under the following business segments: Retail Banking, Corporate/Commercial Banking and Investment Banking. The banking products served to customers are: custody services, time and demand deposits, accumulating deposit accounts, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, gold loans, foreign currency loans, Eximbank loans, pre-export loans, Export Credit Agency (ECA) covered financing, letters of guarantee, letters of credit, export factoring, acceptance credits, draft facilities, forfeiting, leasing, insurance, forward, futures, salary payments, investment account (ELMA), cheques, safety boxes, bill payments, tax collections and payment orders. The Bank provides service packages to its corporate, commercial and retail customers including deposit, loans, leasing and factoring, among others.
TURKIYE GARANTI BANKASI 
