Ziraat Bank 2023 Integrated Annual Report

Credit Ratings Assigned By Rating Agencies

The international credit rating agency Fitch Ratings affirmed Turkey’s long-term credit rating at “B” level on 8 September 2023; and revised the outlook from “Negative” to “Stable”. Subsequently, the institution updated the outlook of 16 banks, including Ziraat Bank, to “Stable” on 22 September 2023. Additionally, the institution affirmed all of Ziraat Bank’s ratings and updated its outlook from “Negative” to “Stable”.

International credit rating agency Moody’s affirmed Turkey’s ratings at “B3” level on 12 January 2024, and revised the outlook from “Stable” to “Positive”. Following the update of Turkey’s outlook, the institution revised the outlook of 17 banks, including Ziraat Bank, from “Stable” to “Positive” on 17 January 2024.

JCR Eurasia affirmed Ziraat Bank’s Long-Term International Local and Foreign Currency credit ratings and outlooks on 15 January 2024. The credit rating scores of Ziraat Bank are as follows.

Rating Agency	Category	Rating	Revision Date
Fitch Ratings	Foreign Currency Long Term IDR	B-	September 2023
	Outlook	Stable
	Foreign Currency Short Term IDR	B
	Local Currency Long Term IDR	B
	Outlook	Stable
	Local Currency Short Term IDR	B
	National Long-Term Rating	AA (tur)
	Outlook	Stable
	Government Support Rating	ns
	Viability Rating	b-

Moody’s	Outlook	Positive	January 2024
	Long-Term Bank Deposit Foreign Currency	B3
	Short-Term Bank Deposit Foreign Currency	Not-Prime
	Long-Term Bank Deposit Domestic Currency	B3
	Short-Term Bank Deposit Domestic Currency	Not-Prime
	Long-Term Bonds Foreign Currency	B3
	Senior Unsecured (Medium-Term Note Program)	P(B3)
	Baseline Credit Assessment	caa1
	Adjusted Baseline Credit Assessment	caa1

JCR Eurasia	Long-Term International Foreign Currency	BB	January 2024
	Outlook	Negative
	Long-Term International Local Currency	BB
	Outlook	Stable
	Long-Term National Local Rating	AAA (tr)
	Outlook	Stable
	Short-Term International Foreign Currency	J1+ (tr)
	Outlook	Stable