Fitch affirms Garanti Bank’s rating at BB- with stable outlook

Fitch Ratings affirmed Garanti Bank Romania’s long-term Issuer Default Rating (IDR) at ‘BB-’, with stable outlook, while the bank’s Viability Rating was also affirmed at ‘bb-’, despite legislative uncertainties having already had an impact on the market and the financial system.

The funding of the bank is predominantly from customer deposits and the bank is not reliant on parent funding.

Fitch emphasized that their recent decision reflects Garanti Bank’s resilience, despite increased operating environment risks to the banking sector arisen from a series of proposed or adopted legislative measures.

“We have always targeted a sustainable and healthy organic growth in the market. Fitch’s assertion of our ratings confirms our strength and our ability to carry out the ambitious long-term plans we have in Romania”, stated Ufuk Tandoğan, CEO of Garanti Bank Romania.