August 31, 2012 / 12:55 PM / 5 years ago

TEXT-Fitch assigns Turkiye Garanti Bankasi's eurobond 'BBB-(EXP)' expected rating

(The following statement was released by the rating agency)

Aug 31 - Fitch Ratings has assigned Turkiye Garanti Bankasi’s (Garanti) forthcoming eurobond issue an expected rating of ‘BBB-(exp)'.

The notes are senior unsecured and will rank equally with all of Garanti’s other senior unsecured obligations. The total amount and final maturity of the issue are yet to be determined.

Garanti is the second largest privately-owned Turkish retail and commercial bank, controlling a deposit market share of 11.9% and a 12.3% share of loans. Dogus Group, a leading Turkish conglomerate, holds a 24.2% stake in the bank and Banco Bilbao Vizcaya Argentaria (BBVA; ‘BBB+'/Negative) controls 25.01%. These shareholders, working in a strategic partnership and equally represented on Garanti’s board, are long-term investors. The remaining shares are broadly held.

Garanti’s ratings are as follows:

Long-term foreign currency Issuer Default Rating (IDR) ‘BBB-'/Stable

Long-term local currency IDR ‘BBB-'/Stable

Short-term foreign currency IDR ‘F3’

Short-term local currency IDR ‘F3’

National Long-term rating ‘AAA(tur)'/Stable

Viability Rating ‘bbb-’

Support Rating ‘2’

Support Rating Floor ‘BB’

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