Bancherul - BANCI / ENGLISH / Garanti Bank Romania rating upgraded to BBB-

Garanti Bank Romania said in a press release that its rating has been upgraded by Fitch from BB+ to BBB-, reflecting the mother-bank Turkiye Garanti Bankasi (TGB) rating improvement to the country ceiling, BBB.

Garanti Bank press release:

Fitch Ratings upgrades the Long Term Issuer Default Rating for Garanti Bank Romania, to “BBB-“ with a stable perspective

Bucharest, 24th of December 2012 – The financial evaluation agency Fitch Ratings upgraded the Long-term Issuer Default Rating for Garanti Bank Romania to “BBB-“ from “BB+” with a stable outlook.

The upgrade of Garanti Bank Romania rating follows the one of shareholder Turkiye Garanti Bankasi (TGB), which reached the Country Ceiling, “BBB”.

The rating upgrade reflects the improved ability of Turkiye Garanti Bankasi to provide support to Garanti Bank Romania in case of need. Fitch believes Garanti Romania is strategically important to TGB and the agency, therefore, factors a high probability of parent support into its ratings.

“Garanti Bank Romania’s rating improvement, following the upgrade of Turkiye Garanti Bankasi rating, sends a positive signal for the Romanian banking system and reflects the stability of Garanti Bank, as well as its strategic importance for its shareholder”, stated Ufuk Tandoğan, General Manager of Garanti Bank Romania.

About Garanti Bank Romania

Garanti Bank is a universal bank, offering a complete range of quality products and innovative services for all business segments – retail, SME and corporate. Present in the Romanian market since 1998, Garanti Bank has developed a solid client portfolio and also expanded its national presence via branches and alternative delivery channels, reaching a network of 78 units and 225 smart ATMs – the largest network of intelligent ATMs in Romania, whilst the number of POS reached 7,400. Garanti Bank innovates also through unique offers attached to the most competitive credit card in the market, Bonus Card.