September 13, 2012 / 3:16 PM / 5 years ago

TEXT-Fitch rates Turkiye Garanti Bankasi eurobond 'BBB-'

(The following statement was released by the rating agency)
    Sept 13 - Fitch Ratings has assigned Turkiye Garanti Bankasi's   
(Garanti) two series of eurobonds final ratings of 'BBB-'. The USD600m notes
will mature in 2017 and the USD750m notes will mature in 2022 and the proceeds
will be used for general corporate purposes. 

The notes are senior unsecured and will rank equally with Garanti's other senior
unsecured obligations. The assignment of the final ratings follows the 
completion of the issuance and receipt of documents conforming to the 
information previously received. The final ratings are the same as the expected 
rating assigned on 31 August 2012. However, the Support Rating of the bank was 
incorrectly stated in the commentary of 31 August 2012, and has been corrected 
below.

Garanti is the second largest privately-owned Turkish retail and commercial 
bank, controlling deposit and loan market shares of 12%. 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 '3'
Support Rating Floor 'BB' 

For all of Fitch's Eurozone Crisis commentary go to here
 

 (Caryn Trokie, New York Ratings Unit)

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