The upgrade of the long-term foreign currency (IDR) of Turkiye Garanti Bankasi (TGB) reflects its improved ability to provide support to Garanti Romania in case of need, Fitch said in a statement.
“Fitch believes Garanti Romania is strategically important to TGB and the agency therefore factors a high probability of parent support into its ratings.”
Upside potential for Garanti Romania’s long-term foreign currency is currently limited, as TGB’s long-term foreign currency is at Turkey’s ‘BBB’ country ceiling, Fitch said.