Fitch affirms Garanti BBVA Romania rating at BB- with a stable outlook

International Rating Agency Fitch Ratings has affirmed Garanti BBVA Romania’s (GBR) Long Term Issuer Default Rating at ‘BB-‘ with a stable outlook and its Viability Rating (VR) at ‘bb-‘.

”As the year draws to a close, it is noteworthy to assert that 2023 has exhibited improvements over its predecessors, notwithstanding the persistent economic challenges. Despite this, our adept ability to adapt, adhere to planned business development, surpass initial projections, and maintain strong relationships with our clients has been evident. The affirmation of Garanti BBVA Romania’s outlook and ratings by Fitch serves as validation for our well-calibrated strategy and the diligent efforts of our teams”, stated Mustafa Tiftikcioglu, CEO of Garanti BBVA Romania.

The affirmation of Garanti BBVA`s ratings coincide with Fitch’s observation of Romania’s economic environment strengthening, aligning with Central and Eastern European standards. This convergence is anticipated to enhance opportunities for Romanian banks to engage in successful business activities.