Moody's upgrades Şekerbank by three notches

International credit rating agency Moody’s has upgraded Şekerbank’s long-term TL and FX deposit ratings by three notches each, raising them from ‘Caa1’ to ‘B1’, and set the rating outlooks to positive. The rating upgrade was based on the two-notch upgrade of Turkey’s long-term TL and FX issuer ratings from B3 to B1 on July 19, 2024, as well as the bank’s financial performance, which stands out with its strong capital structure and prudent risk management practices.

Moody’s also upgraded the bank’s Baseline Credit Assessment from ‘Caa1’ to ‘B2’, its long-term national scale TL deposit rating from ‘Baa3.tr’ to ‘Aa2.tr’, and its short-term national scale TL deposit rating from ‘TR-3’ to ‘TR-1’.

UPGRADED BY THREE NOTCHES EACH

Şekerbank General Manager Aybala Şimşek Galpin stated the following regarding Moody’s rating upgrade: “The economic program, which is being carried out with a holistic program and a comprehensive roadmap, is laying the solid foundations of a strong Turkey story that attracts the attention of investors and is followed with interest on an international scale. In this context, while Moody’s upgraded our country’s credit rating by two notches last weekend, it also assessed the outlook as positive. The improvement in the operating environment, thanks to the policies pursued with determination, combined with the remarkable success in Şekerbank’s financial performance, which has become even more prominent in recent years, has enabled our Bank’s long-term TL and FX deposit ratings to be upgraded by three notches each. We are proud of this development, which is a reflection of the confidence in Turkey’s high-credibility economic program, as well as our bank’s successful financial performance.”

News Source: 12punto