Moody's Rating Action

Moody's Rating Action

On 26 September 2016, international credit rating agency Moody's announced that the Long Term Local Currency and Foreign Currency Issuer and Local Currency Deposit Ratings of İşbank were downgraded to Ba1 from Baa3. The Bank's Foreign Currency Deposit Rating, which was constrained by sovereign ceiling, was downgraded to Ba2 from Baa3. Outlooks assigned to the aforementioned ratings have been determined as Stable. Short Term Local Currency and Foreign Currency Deposit Ratings were downgraded to Not-Prime from P-3. Subordinated Debt Rating was affirmed at Ba3/B1(hyb). According to the disclosure made by Moody's, the aforementioned changes were made pursuant to the downgrade of Turkish sovereign rating on 23 September 2016.

The list of the current ratings assigned to İşbank by Moody's is as follows:

Long-term Foreign Currency Issuer Rating / Outlook: Ba1 / Stable

Long-term Foreign Currency Bank Deposits Rating / Outlook: Ba2 / Stable

Long-term Local Currency Bank Deposits Rating / Outlook: Ba1 / Stable

Short-term Foreign Currency / Local Currency Deposits Rating: Not-Prime/ Not-Prime

Subordinated Debt Rating: Ba3/B1(hyb)