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S&P Lowers Rating of Turkish Banks Downgrading Sovereign Credit Rating

© AFP 2021 / OZAN KOSE Turkish anti riot police officers detain a Turkish soldier who allegedly took part in a military coup as they are leaving in a bus the courthouse at Bakirkoy district in Istanbul on July 16, 2016
Turkish anti riot police officers detain a Turkish soldier who allegedly took part in a military coup as they are leaving in a bus the courthouse at Bakirkoy district in Istanbul on July 16, 2016 - Sputnik International
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The S&P Global Ratings agency on Friday downgraded the long-term credit ratings of five Turkish financial institutions with a negative outlook, after lowering Turkey’s sovereign credit rating in the wake of an aborted coup in the country.

MOSCOW (Sputnik) — S&P downgraded the ratings from “BB+” to “BB” for the Turkiye Is Bankasi AS (Isbank), Garanti Finansal Kiralama A.S. (Garanti Leasing), Yapi ve Kredi Bankasi A.S. (YapiKredi), Turkiye Garanti Bankasi A.S. (Garanti) and the Turkiye Vakiflar Bankasi TAO (VakifBank).

Standard & Poor's - Sputnik International
S&P Downgrades Turkish Sovereign Credit Rating Amid Thwarted Coup Attempt
According to the agency, the downgrade is linked to the political situation in Turkey becoming more fragmented after the coup attempt on July 15. The agency may revise the outlook on the ratings of the five banks to stable in a case of a similar revision in regard to Turkey's sovereign rating.

The coup attempt took place in Turkey on July 15 and was suppressed the following day. Following the events, Turkish authorities introduced a state of emergency in the country, to last for a month and a half.

On Wednesday, S&P downgraded Turkey’s rating to “BB” from “BB+” saying that the attempted coup has eroded the country's institutional checks and balances.

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