Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Вы переходите с русскоязычного сайта Moody's на международный сайт Moody's на английском языке. Продолжить?
Больше не показывать данное сообщение
Да
Нет
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's reviews Turkish banks' ratings

03 Aug 2009

Limassol, August 03, 2009 -- Moody's Investors Service today placed on review for possible downgrade the local currency deposit ratings of 11 and the national scale ratings of three Turkish banks, within the context of its global review of the systemic support available to banking systems, following the global financial crisis. Moody's also affirmed the local currency deposit ratings of four Turkish banks and the issuer rating of one government-related institution (GRI).

Moody's also changed to stable from positive the outlook on the standalone bank financial strength ratings (BFSRs) of three banks. These actions reflect Moody's expectation of a deep economic contraction in Turkey during 2009 (5.0% GDP decline) and only a slow recovery in 2010 (1.8% GDP increase) and its recognition that short-term pressure on financial strength currently outweighs the likelihood of an improvement, over the medium term, in the franchises of the affected banks.

Following these outlook changes, 14 of the 15 Turkish banks rated by Moody's now have stable outlooks on their BFSRs. This reflects the rating agency's expectation that the weak economic environment will continue to exert pressure on Turkish banks' asset quality metrics, although Moody's recognises that the banks' overall financial strength remains robust for the time being, supported by their strong capitalisation and profitability profiles.

REVIEW OF LOCAL CURRENCY DEPOSIT RATINGS

Under Moody's banking methodology, local currency deposit ratings incorporate (i) banks' intrinsic financial strength, (ii) the probability and financial strength of shareholder support and (iii) the probability of systemic support and ability of national governments to support banks.

Moody's believes that most governments are at least as likely, if not more likely, to support their banking systems as they are to service their own debts -- a view that has traditionally led to bank ratings often benefiting from significant uplift due to systemic support (using the local currency deposit ceiling as a proxy for the government's ability to support banks). However, in the event of a banking crisis becoming truly systemic and protracted, the capacity of a country and its central bank to support the nation's banks converges with the government's own debt capacity (see Moody's Special Comment entitled "Financial Crisis More Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa Countries", published in May 2009).

Moody's will be reassessing the level of systemic support for Turkish banks to determine whether the systemic support they receive needs to be more closely aligned with the government's local currency bond rating.

Factors that Moody's will consider in its assessment of systemic support include the size of the banking system in relation to the Turkish government's resources, the level of stress in the banking system and the banking system's foreign currency obligations relative to the government's own foreign exchange resources.

Government actions during past crises are indicative of the Turkish government's high focus on supporting the nation's banks. During Turkey's 2000-01 banking crisis, the government acted purposefully to contain the potential contagion effects of troubled institutions in the market. However, deposits denominated in the local currency of highly supported banks are now rated as high as A3, six notches above the Ba3 debt rating (local currency) of the government.

Moody's expects that the ratings of highly rated Turkish banks could drop by as much as three notches following its review. The greatest impact is likely to be on those banks with (i) moderate or low intrinsic financial strength and (ii) whose local currency deposit ratings incorporate a very high probability of systemic support. A high probability of support from a highly rated parent could mitigate the impact of any possible downward revision of the rating.

REVIEW OF NATIONAL SCALE RATINGS

Not all banks have been assigned national scale ratings. National scale ratings, which address the relative credit risk within a country, are derived from local currency deposit ratings. As such, where banks have already been assigned national scale ratings, and where their local currency deposit ratings have been placed on review for possible downgrade, we have similarly placed their national scale ratings on review for possible downgrade.

LIST OF RATING ACTIONS

The following rating actions were taken:

(i) Akbank AS's A3 long-term local currency deposit rating was placed on review for possible downgrade. Its other ratings were unaffected;

(ii) Anadolubank's Ba1 long-term local currency deposit rating was placed on review for possible downgrade. Its other ratings were unaffected;

(iii) Asya Katilim Bankasi AS's Ba1 long-term local currency deposit rating and A1.tr/TR-1 national scale ratings were placed on review for possible downgrade. Its other ratings were unaffected;

(iv) Bankpozitif's Baa3/Prime-3 local currency deposit ratings were affirmed with a stable outlook. Its other ratings were unaffected

(v) Denizbank's Baa1 long-term local currency deposit rating was placed on review for possible downgrade. Its other ratings were unaffected;

(vi) Eurobank Tekfen's Ba1/Not Prime local currency deposit ratings were affirmed with a stable outlook. Its other ratings were unaffected;

(vii) Finansbank's A3/Prime-2 local currency deposit ratings were affirmed. Its other ratings were unaffected;

(viii) HSBC Bank AS's A3/Prime-2 local currency deposit ratings were affirmed with a stable outlook. Its other ratings were unaffected;

(ix) T.C. Ziraat Bankasi's Baa1/Prime-2 local currency deposit ratings were placed on review for possible downgrade. Its other ratings were unaffected;

(x) Turk Ekonomi Bankasi's Baa1 long-term local currency deposit rating was placed on review for possible downgrade. The outlook on the bank's D+ BFSR was changed to stable from positive;

(xi) Turkiye Garanti Bankasi's A3 long-term local currency deposit rating and Aaa.tr long-term national scale rating were placed on review for possible downgrade. Its other ratings were unaffected;

(xii) Turkiye Is Bankasi's A3/Prime-2 local currency deposit ratings were placed on review for possible downgrade. The outlook on the bank's D+ BFSR was changed to stable from positive;

(xiii) Turkiye Sinai Kalkinma Bankasi's Baa1/Prime-2 local currency deposit ratings were placed on review for possible downgrade. Its other ratings were unaffected;

(xiv) Turkiye Vakiflar Bankasi's Baa1/Prime-2 local currency deposit ratings were placed on review for possible downgrade. Its other ratings were unaffected;

(xv) Yapi ve Kredi Bankasi's A3 long-term local currency deposit rating and Aaa.tr long-term national scale rating were placed on review for possible downgrade. The outlook on the bank's D+ BFSR was changed to stable from positive;

(xvi) Export Credit Bank of Turkey's Ba1 issuer rating was affirmed with a stable outlook;

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The last rating action on Akbank AS was on 24 April 2007 when its BFSR was upgraded to C- from D+.

The last rating action on Anadolubank was on 26 August 2008 when the outlook on its D BFSR and Ba1/NP local currency deposit ratings was changed to positive from stable.

The last rating action on Asya Katilim Bankasi AS was on 10 August 2007 when it was assigned first-time ratings. The bank was assigned a D BFSR, Ba1/Not Prime local currency deposit ratings and B1/Not Prime foreign currency deposit ratings, as well as A1.tr long-term and TR-1 short-term Turkish National Scale Ratings. All ratings carried a stable outlook.

The last rating action on Bankpozitif was on 24 April 2008 when it was assigned first-time ratings. The bank was assigned a D BFSR, Baa3/Prime-3 local currency deposit ratings and B1/Not Prime foreign currency deposit ratings. All ratings carried a stable outlook.

The last rating action on Denizbank was on 1 October 2008 when its local currency long-term deposit and senior unsecured debt ratings were downgraded to Baa1 from A3; all its other ratings were affirmed.

The last rating action on Eurobank Tekfen was on 24 April 2007 when its BFSR was upgraded to D- from E+. Local currency deposit ratings of Ba1/Not Prime were also assigned.

The last rating action on Finansbank was on 24 April 2007 when its BFSR was upgraded to C- from D+.

The last rating action on HSBC Bank AS was on 24 April 2007 when its BFSR was upgraded to C- from D+.

The last rating action on T.C. Ziraat Bankasi was on 26 August 2008 when its BFSR was upgraded to D+ from D.

The last rating action on Turk Ekonomi Bankasi was on 25 May 2007 when it was assigned Baa1/Prime-2 local currency deposit ratings. The outlook on the Baa1 long-term local currency deposit rating was positive.

The last rating action on Turkiye Garanti Bankasi was on 24 April 2007 when its BFSR was upgraded to C- from D+.

The last rating action on Turkiye Is Bankasi was on 10 September 2008 when the outlook on its D+ BFSR was changed to positive from stable.

The last rating action on Turkiye Sinai Kalkinma Bankasi was on 24 April 2007 when local currency deposit ratings of Baa1/Prime-2 were assigned.

The last rating action for Turkiye Vakiflar Bankasi was on 24 April 2007 when its BFSR was upgraded to D+ from D-.

The last rating action for Yapi ve Kredi Bankasi was on 10 September 2008 when the outlook on its D+ BFSR was changed to positive from stable.

The last rating action on Export Credit Bank of Turkey was on 23 August 2006 when its Ba1 issuer rating was affirmed.

The principal methodologies used in rating the Turkish banks are the "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating the Turkish banking system can also be found in the Credit Policy & Methodologies directory.

T.C Ziraat Bankasi, Turkiye Vakiflar Bankasi and Export Credit Bank of Turkey are headquartered in Ankara, Turkey. All the other banks are headquartered in Istanbul, Turkey.

Akbank AS had total assets of TRY92.7 billion (US$61.0 billion) under IFRS at the end of December 2008.

Anadolubank had total assets of TRY3.8 billion (US$2.5 billion) under IFRS at the end of December 2008.

Asya Katilim Bankasi AS had total assets of TRY8.1 billion (US$5.3 billion) under IFRS at the end of December 2008.

Bankpozitif had total assets of TRY1.8 billion (US$1.2 billion) under IFRS at the end of December 2008.

Denizbank had total assets of TRY24.2 billion (US$15.9 billion) under BRSA at the end of December 2008.

Eurobank Tekfen had total assets of TRY3.6 billion (US$2.4 billion) under BRSA at the end of December 2008.

Finansbank had total assets of TRY30.1 billion (US$19.9 billion) under BRSA at the end of December 2008.

HSBC Bank AS had total assets of TRY14.6 billion (US$9.6 billion) under IFRS at the end of December 2008.

T.C. Ziraat Bankasi had total assets of TRY104.4 billion (US$77.6 billion) under BRSA at the end of December 2008.

Turk Ekonomi Bankasi had total assets of TRY17.0 billion (US$11.2 billion) under IFRS at the end of December 2008.

Turkiye Garanti Bankasi had total assets of TRY98.2 billion (US$69.7 billion) under IFRS at the end of December 2008.

Turkiye Is Bankasi had total assets of TRY97.5 billion (US$63.4 billion) under IFRS at the end of December 2008.

Turkiye Sinai Kalkinma Bankasi had total assets of TRY6.3 billion (US$4.2 billion) under IFRS at the end of December 2008.

Turkiye Vakiflar Bankasi had total assets of TRY54.6 billion (US$35.9 billion) under BRSA at the end of December 2008.

Yapi ve Kredi Bankasi had total assets of TRY69.9 billion (US$46.0 billion) under IFRS at the end of December 2008.

Export Credit Bank of Turkey had total assets of TRY4.9 billion (US$3.2 billion) under IFRS at the end of December 2008.

Limassol
Mardig Haladjian
General Manager
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Limassol
George Chrysaphinis
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Cyprus Limited
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews Turkish banks' ratings
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.