Fitch Ratings upgraded Garanti Bank Romania’s outlook to stable, and confirmed its ratings, a press release informs.
As such, the bank’s Long Term IDR was confirmed to ‘BBB- (Investment grade)‘, its Short Term IDR, to ‘F3’, its Support Rating to ‘2’, and its Viability Rating to ‘b+’.
“We have a strong commitment on the local market and our strategy is to further develop and grow. Fitch’s recent Outlook revision and afirmation of our IDRs, Support and Viability Ratings confirm our long term plans”, Ufuk Tandogan, CEO of Garanti Bank Romania stated.
In September 2016, the same international rating agency revised the outlook of Garanti Bank Romania, owned by Turkiye Garanti Bankasi, to negative from stable and affirmed its long-term issuer default rating (IDR) to ‘BBB-’.
Last summer, Garanti Bank increased its share capital by EUR 22.3 million aiming to support and finance the bank’s organic growth on the local market.
Garanti Bank is part of the financial-banking group Garanti Romania, which brings together Garanti Leasing (the brand under which the company Motoractive IFN SA operates) and Garanti Consumer Finance (the brand under which Ralfi IFN operates).