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    Bonds of Six Turkish Banks Placed on Downgrade Review After Coup Attempt

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    Moody's Investors Service placed on review for downgrade the ratings of the covered bonds issued by six Turkish banks, according to official statement.

    WASHINGTON (Sputnik) — Bonds issued by six Turkish banks have been placed on review to be potentially downgraded in the wake of the attempted military coup, Moody’s credit rating agency said in a statement on Wednesday.

    “Moody's Investors Service has today placed on review for downgrade the ratings of the covered bonds issued by six Turkish banks,” the statement said.

    The move, the release noted, follows Moody’s decision to review Turkey's government bond rating “driven by the need to assess the impact of the failed military coup on the country's economic growth.”

    The six banks include Akbank TAS, Denizbank AS, Turkiye Garanti Bankasi AS, Sekerbank TAS, Turkiye Vakiflar Bankasi TAO, and Yapi ve Kredi Bankasi AS.

    On Friday, Moody’s placed Turkey’s long-term issuer, senior unsecured bond ratings and senior unsecured shelf rating on review for downgrade after the failed military coup in that country.

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