10:36 GMT02 July 2020

COVID-19 global data

Confirmed cases:

BREAKING: Turkey Wants France to Apologise Over Mediterranean Warships Incident That Led to NATO Probe

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

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

© AFP 2020 / OZAN KOSE

14:50 GMT 22.07.2016(updated 14:52 GMT 22.07.2016) Get short URL

Subscribe

https://cdn1.img.sputniknews.com/i/logo-itemprop.png

Sputnik International

https://cdn2.img.sputniknews.com/i/logo.png

Sputnik

https://cdn2.img.sputniknews.com/i/logo.png

https://sputniknews.com/business/201607221043471774-credit-rating-low-turkey/

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

© AFP 2020 / EMMANUEL DUNAND

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.

Related:: S&P Downgrades EU Credit Rating to AA Over Risks Posed by Brexit

: Fitch to Review UK Credit Rating Citing Brexit Consequences

: UK Likely to Lose Top Credit Rating as #Brexit Campaign Wins - S&P

: Credit Rating Downgrade Looming for South Africa Amid Economic Turmoil

Tags:

banks, credit rating, coup, Turkey

Community standardsDiscussion

Сomment
Thank you! Your comment will be reviewed by the moderator for compliance with the Rules
Add more
Post limit reached. Please try again in a minute.
Your comment contains a link, so it can't be published on our site

Сomment

Community standards

The fact of registration and authorization of users on Sputnik websites via users’ account or accounts on social networks indicates acceptance of these rules.

Users are obliged abide by national and international laws. Users are obliged to speak respectfully to the other participants in the discussion, readers and individuals referenced in the posts.

The websites’ administration has the right to delete comments made in languages other than the language of the majority of the websites’ content.

In all language versions of the sputniknews.com websites any comments posted can be edited.

A user comment will be deleted if it:

does not correspond with the subject of the post;
promotes hatred and discrimination on racial, ethnic, sexual, religious or social basis or violates the rights of minorities;
violates the rights of minors, causing them harm in any form, including moral damage;
contains ideas of extremist nature or calls for other illegal activities;
contains insults, threats to other users, individuals or specific organizations, denigrates dignity or undermines business reputations;
contains insults or messages expressing disrespect to Sputnik;
violates privacy, distributes personal data of third parties without their consent or violates privacy of correspondence;
describes or references scenes of violence, cruelty to animals;
contains information about methods of suicide, incites to commit suicide;
pursues commercial objectives, contains improper advertising, unlawful political advertisement or links to other online resources containing such information;
promotes products or services of third parties without proper authorization;
contains offensive language or profanity and its derivatives, as well as hints of the use of lexical items falling within this definition;
contains spam, advertises spamming, mass mailing services and promotes get-rich-quick schemes;
promotes the use of narcotic / psychotropic substances, provides information on their production and use;
contains links to viruses and malicious software;
is part of an organized action involving large volumes of comments with identical or similar content ("flash mob");
“floods” the discussion thread with a large number of incoherent or irrelevant messages;
violates etiquette, exhibiting any form of aggressive, humiliating or abusive behavior ("trolling");
doesn’t follow standard rules of the English language, for example, is typed fully or mostly in capital letters or isn’t broken down into sentences.

The administration has the right to block a user’s access to the page or delete a user’s account without notice if the user is in violation of these rules or if behavior indicating said violation is detected.

Users can initiate the recovery of their account / unlock access by contacting the moderators at moderator@sputniknews.com

The letter must contain:

Subject - the restoration of account / unlock access
User ID
An explanation of the actions which were in violation of the rules above and resulted in the lock.

If the moderators deem it possible to restore the account / unlock access, it will be done.

In the case of repeated violations of the rules above resulting in a second block of a user’s account, access cannot be restored.

To contact the team of moderators, write to moderator@sputniknews.com