Garanti Bank Romania’s Viability Rating, upgraded by Fitch to ‘b+’

0 54

After recording net revenues of EUR 33.1 million in Romania at the end of March, up by over 17 percent y-o-y, Garanti Bank, part of Turkiye Garanti Bankasi, announces on Friday that the international ratings agency Fitch Ratings upgraded its Viability Rating (VR) from ‘b’ to ‘b+’.

”The decision reflects improvements in Garanti Bank’s funding profile (an increase in the share of customer deposits), a solid Pre-Provision Operating Profit (PPOP) and improved prospects for the Romanian economy,” a press release reads.

Fitch Ratings has kept intact Garanti Bank’s other ratings: the long-term IDR at ‘BB+’, maintained on Rating Watch Positive, the short-term IDR at ‘B’, maintained on Rating Watch Positive, and the Support Rating at ‘3’, also maintained on Rating Watch Positive.

“Garanti Bank’s strategy is to continue its long-term sustainable growth and Fitch’s upgrade of our Viability Rating confirms that we are on the right track”, Ufuk Tando?an, CEO of Garanti Bank Romania stated.

- Advertisement -

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More