After downgrading the rating of Turkey from “Ba1” to “Ba 2” on 7 March 2018, Moody’s lowered the credit rating of Ziraat Bank from “Ba1” to “Ba 2”, as well and assigned a stable outlook in all categories on 9 March 2018. Following the agency’s announcement that it took Turkey’s credit rating under review for a potential decrease on 1 June 2018, it also lowered the Bank’s Long-term Bank Deposit Domestic Currency, Long-term Bonds Domestic Currency, Long-term Bonds Foreign Currency, Baseline Credit Assessment and Adjusted Baseline Credit Assessment by one level, took the Bank’s outlook under review for a potential decrease and confirmed other rating scores on 7 June 2018. On 17 August 2018, Moody’s further announced that it lowered Turkey’s credit rating from “Ba2” to “Ba3” and later on, along with other banks in the industry, Ziraat Bank’s credit ratings were downgraded on 28 August 2018. The agency lowered the Long-term Bank Deposit Domestic Currency, Long-term Bank Deposit Foreign Currency, Long-term Bonds Local Currency, Long-term Bonds Foreign Currency, Baseline Credit Assessment and Adjusted Baseline Credit Assessment by one level and downgraded the outlook from under review to negative. Furthermore, following the decision to lower country ceiling for Long-term Bank Deposit Foreign Currency from “B1” to “B2” on 24 September 2018, the Bank’s Long-term Bank Deposits Foreign Currency rating was also lowered from “B1” to “B2” on 26 September 2018.

On 1 June 2018, Fitch Ratings announced that it took Ziraat Bank’s ratings for Foreign Currency Long-Term, Support Rating Floor and Viability ratings under review for a potential downgrade and confirmed other ratings and outlooks. Following its downgrade of Turkey’s credit rating by one level on 13 July 2018, the agency lowered Ziraat Bank’s Long-term Foreign Currency IDR by two grades, Long-term Local Currency IDR and Short-term Local Currency IDR by one grade along with other banks’ ratings and revised their outlooks as “Negative” on 20 July 2018. The agency also downgraded Support Rating Floor and Viability Ratings by two grades. On 1 October 2018, the agency further lowered the Bank’s Foreign Currency Long-Term IDR, Local Currency Long-Term IDR, National Long-Term Rating, Viability Rating and Support Rating Floor by one more grade.

After revising the credit outlook of Turkey from “Stable” to “Negative” on 14 August 2018, Japan Credit Rating Agency Ltd (JCR) also lowered Ziraat Bank’s TL/FC Short and Long-term ratings from “Stable” to “Negative” and on 5 October 2018, confirmed the Bank’s credit ratings and outlooks.

The credit ratings assigned to Ziraat Bank are presented below.