Ziraat Bank 2020 Integrated Annual Report

CREDIT RATINGS ASSIGNED BY RATING AGENCIES

After updating the country ceiling methodology for deposit on December 7, 2020, Moody’s raised Ziraat Bank’s long-term foreign currency deposit rating from Caa1 to B2 on December 10, 2020.

Updating Turkey’s credit rating outlook from “Stable” to “Negative” on August 21, 2020, Fitch Ratings also updated Ziraat Bank’s Long-Term Local Currency IDR credit rating outlook from “Stable” to “Negative” on September 1, 2020 and confirmed the grade level.

On December 30, 2020, JCR Eurasia Rating has determined Ziraat Bank’s Long Term International Foreign Currency and Long Term International Local Currency ratings and outlooks as “BB+/Negative” in line with the country rating ceiling. Affirmed Long Term National Rating as “AAA (Trk)”, Short Term National Rating as “A-1 + (Trk)” and outlook as “Stable”.

The current credit rating scores of Ziraat Bank are listed below.

Rating Agency	Category	Rating	Revision Date
Fitch Ratings	Foreign Currency Long-Term IDR	B+	September 2020
	Outlook	Negative
	Foreign Currency Short-Term IDR	B
	Local Currency Long-Term IDR	BB-
	Outlook	Negative
	Local Currency Short-Term IDR	B
	National Long-Term Rating	AA
	Outlook	Stable
	Support Rating	4
	Support Rating Floor	B
	Viability Rating	b+

Moody’s	Outlook	Negative	December 2020
	Long-Term Bank Deposit Foreign Currency	B2
	Short-Term Bank Deposit Foreign Currency	Not-Prime
	Long-Term Bank Deposit Domestic Currency	B2
	Short-Term Bank Deposit Domestic Currency	Not-Prime
	Long-Term Bonds Foreign Currency	B2
	Long-Term Bonds Domestic Currency	B2
	Baseline Credit Assessment	caa1
	Adjusted Baseline Credit Assessment	caa1

JCR Eurasia	Long-Term International Foreign Currency	BB+	December 2020
	Outlook	Negative
	Long-Term International Local Currency	BB+
	Outlook	Negative
	Long-Term National Local Rating	AAA (Trk)
	Outlook	Stable
	Short-Term International Foreign Currency	B
	Outlook	Negative
	Short-Term International Local Currency	B
	Outlook	Negative
	Short-Term National Local Rating	A-1+ (Trk)
	Sponsor Support	1
	Stand Alone	A