Ziraat Banka 2019 Integrated Annual Report

CREDIT RATINGS ASSIGNED BY RATING AGENCIES

After revising Turkey’s rating downwards on 14 June 2019, Moody’s downgraded the Long-Term Bank Deposit Domestic Currency, Long-Term Bank Deposit Foreign Currency, Long-Term Bonds Domestic Currency and Long-Term Bonds Foreign Currency ratings of Ziraat Bank and other Turkish Banks by one notch, and the Baseline Credit Assessment and Adjusted Baseline Credit Assessment by two notches on 18 June 2019.

On 18 July 2019, Fitch Ratings downgraded Ziraat Bank’s Local Currency Long-Term IDR by one notch from BB to BB- and confirmed its Outlook as “Negative”. On 12 November 2019, however, the rating agency updated the Outlook it has assigned for the Bank’s Foreign Currency Long-Term IDR and Local Currency Long-Term IDR from “Negative” to “Stable” and confirmed the ratings as before.

Japan Credit Rating Agency, Ltd. (JCR) confirmed Ziraat Bank’s ratings as follows on 11 October 2019.

Rating Agency	Category	Rating	Revision Date
Fitch Ratings	Foreign Currency Long-Term IDR	B+	November 2019
	Outlook	Stable
	Foreign Currency Short-Term IDR	B
	Local Currency Long-Term IDR	BB-
	Outlook	Stable
	Local Currency Short-Term IDR	B
	National Long-Term Rating	AA
	Outlook	Stable
	Support Rating	4
	Support Rating Floor	B+
	Viability Rating	b+

Moody’s	Outlook	Negative	June 2019
	Long-Term Bank Deposit Foreign Currency	B3
	Short-Term Bank Deposit Foreign Currency	Not-Prime
	Long-Term Bank Deposit Domestic Currency	B2
	Short-Term Bank Deposit Domestic Currency	Not-Prime
	Long-Term Bonds Foreign Currency	B2
	Long-Term Bonds Domestic Currency	B2
	Baseline Credit Assessment	caa1
	Adjusted Baseline Credit Assessment	caa1

JCR Eurasia	Long-Term International Foreign Currency	BBB-	October 2019
	Outlook	Negative
	Long-Term International Local Currency	BBB-
	Outlook	Negative
	Long-Term National Local Rating	AAA (Trk)
	Outlook	Stable
	Short-Term International Foreign Currency	A - 3
	Outlook	Negative
	Short-Term International Local Currency	A - 3
	Outlook	Negative
	Short-Term National Local Rating	A-1+ (Trk)
	Sponsor Support	1
	Stand Alone	A