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Ratings

FITCH RATINGS (Analyst: Lindsey Liddell) Rating Outlook
Long Term Foreign Currency BBB- Stable
Long Term Local Currency BBB- Stable
Short Term Foreign Currency F3
Short Term Local Currency F3
Viability Rating bb+
Support Rating 2
National Long Term AAA (tur) Stable
Senior Unsecured Debt BBB-
STANDARD&POOR'S (Analyst: Magar Kouyoumdjian) Rating Outlook
Long Term Foreign Currency BB Negative
Long Term Local Currency BB Negative
Short Term Foreign Currency B
Short Term Local Currency B
National Long Term Local Currency trAA-
National Short Term Local Currency trA-1
Senior Unsecured Debt BB
MOODY'S (Analyst: Irakli Pipia) Rating Outlook
Long Term Foreign Currency Deposit Ba2 Stable
Long Term Local Currency Deposit Ba1 Stable
Short Term Foreign Currency Deposit Not Prime
Short Term Local Currency Deposit Not Prime
National Scale Rating Aa1.tr
Senior Unsecured Debt Ba1 Stable

Rating Actions

9 November 2016: S&P

  • International rating agency Standard & Poor’s announced that, following the upgrade of Turkish government's debt rating outlook to “Stable” from “Negative” on 4 November 2016, it has upgraded YKB’s outlook to "Stable" from "Negative". Accordingly, on 9 November 2016, long-term Turkey national scale rating of Yapı Kredi was upgraded to trAA from trAA-.

27 September 2016: Moody’s

  • International rating agency Moody's announced that, following the downgrade of Turkish government's debt rating to Ba1 from Baa3 on 23 September 2016, it has downgraded the long-term debt and deposit ratings of 14 Turkish financial institutions. Accordingly, the foreign currency long-term debt and local currency deposit ratings of Yapı Kredi were downgraded to Ba1 from Baa3, with a stable outlook. The Bank's foreign currency deposit rating was downgraded to Ba2 from Baa3 . The Baseline Credit Assessment (BCA) was downgraded to ba2 from ba1. The Bank's short term local and foreign currency deposit ratings were downgraded to Not-Prime from P-3.

22 July 2016: S&P

  • Standard & Poor's downgraded Turkey’s sovereign rating and outlook from “BB+” to “BB” and outlook from “Stable” to “Negative” respectively on 20 July 2016, folowing to failed coup attempt on July 15. In line with Turkey’s sovereign rating and outlook downgrade, Standard & Poor's downgraded Yapı Kredi’s Long term Local/Foreign currency rating and Short term Local/Foreign currency rating from “BB+” to “BB” and from “B+” to “B” respectively. In addition, Yapı Kredi’s National Long Term Local Currency rating was downgraded from “trAA+” to “trAA-“ and outlook to “negative” from “stable.

11 May 2016: Moody's

  • Moody's recalibrated Turkey's national rating scale and accordingly repositioned national scale ratings (NSR) for Yapı Kredi. The repositioned national scale rating does not signify a change in credit risk.

10 May 2016: S&P

  • Standard & Poor's revised Yapı Kredi's outlook to "Stable" from "Negative" based on an upward revision on Turkey's outlook to "Stable". Standard & Poors affirmed Yapı Kredi's Long Term Foreign Currency and Local Currency ratings at BB+, National Long Term Local Currency rating at trAA+ and National Short Term Local Currency rating at trA-1

31 March 2016: Fitch

  • Fitch revised YKB's outlook to "Negative" from "Stable" based on an action taken on UniCredit's rating outlook on 24 March 2016, and affirmed YKB's BBB FC and LC Long-term ratings.

7 April 2015: Fitch

  • Fitch revised YKB's outlook to "Stable" from "Negative" based on an action taken on UniCredit's ratings on 1 April 2015, and affirmed YKB's BBB FC and LC Long-term ratings.

24 June 2014: Fitch

  • Fitch affirmed YKB's BBB FC and LC Long-term ratings, outlook revised to "Negative" from "Stable". Viability Rating of YKB (VR) downgraded to "bbb-" from "bbb".

03 June 2014: Moody's

  • Rating Outlook changed to "Negative" from "Stable" after Moody's placed Turkish banks including Yapı Kredi on "review of downgrade" due to challenging operating environment. Accordingly, Yapı Kredi's Long Term Foreign Currency Deposit, Long Term Local Currency Deposit, Financial Strength and Senior Unsecured Debt outlook changed to "Negative" from "Stable". All ratings remained unchanged.

28 March 2014: Moody's

  • Following the downgrade of UniCredit's baseline credit assessment (BCA) rating by 1 notch to "ba1", Yapı Kredi lost 1 notch parental support as UniCredit's BCA level is the same as Yapı Kredi's. Accordingly, Long Term Local Currency Deposit rating was downgraded to "Baa3" from "Baa2", National Scale rating was downgraded to "A1.tr" from "Aa3.tr" and Senior Unsecured Debt rating was downgraded to "Baa3" from "Baa2".

24 March 2014: Moody's

  • Moody's placed 10 Turkish banks including Yapı Kredi on "review of downgrade" due to challenging operating environment. Accordingly, Yapı Kredi's Long Term Foreign Currency Deposit outlook changed from "Stable" to "Rating Watch Negative". In addition, Long Term Local Currency Deposit, Financial Strength and Senior Unsecured Debt outlook changed from "Negative" to "Rating Watch Negative"

11 February 2014: S&P

  • Rating outlook changed to "Negative" from "Stable" following the Turkish sovereign outlook change to "Negative" from "Stable" on 7 February 2014

20 May 2013: Moody's

  • Long Term FC Deposit rating upgraded to "Baa3" from "Ba2" and Short Term FC Deposit rating upgraded to "Prime-3" from "Not Prime" following Moody's decision to upgrade Turkey's government bond rating to Baa3, stable outlook on 16 May 2013

2 May 2013: Moody's

  • Financial Strength rating outlook changed to "Negative" from "Stable"

05 April 2013: S&P

  • Long term FC Counterparty rating upgraded to BB+ from BB following S&P's decision to upgrade Turkey's sovereign rating to BB+ from BB.
  • Long term Credit rating on Turkish national scale upgraded to trAA+ from trAA

14 December 2012: Fitch

  • Fitch upgraded YKB's viability rating to BBB (1 notch above investment grade) from BBB- (investment grade) and revised outlook (on long term FC rating, LC rating and national long term rating) to "Stable" from "Negative"

13 November 2012: Fitch

  • Fitch upgraded YKB's Long Term FC Issuer Default rating and senior unsecured debt rating to BBB (1 notch above investment grade) from BBB- (investment grade) and revised outlook (on long term FC rating and national long term rating) to "Negative" from "Stable" due to the "Negative" outlook on UniCredit.

3 July 2012: Moody's

  • Long Term FC Deposit rating upgraded to "Ba2" from "Ba3" following Moody's decision to increase its ceiling for foreign currency deposit ratings of private Turkish issuers following the sovereign upgrade on 20 June 2012. Outlook changed to "Stable" from "positive".
  • Long Term LC Deposit outlook changed to "Negative" from "negative watch"
  • Short Term LC Deposit rating downgraded to "Prime-3" from "Prime-2" due to change in long-term local currency deposit rating outlook to negative driven by parental support
  • National Scale Rating downgraded by one notch to Aa3.tr from Aa2.tr as this rating maps directly from the banks' local currency deposit ratings

4 May 2012: S&P

  • Rating outlook changed to "Stable" from "Positive" following the Turkish sovereign outlook change to "Stable" from "Positive" on 1 May 2012

8 February 2012: Fitch

  • Long Term LC Issuer Default rating outlook changed to "Negative" from "Rating Watch Negative" following the affirmation of UniCredit SpA's Long-term IDR at 'A-' with a Negative Outlook

22 December 2011: Fitch

  • Long Term LC Issuer Default outlook changed to "Rating Watch Negative" from "Stable" following the downward revision of UniCredit's long-term IDR to "A-" from "A", and the short-term IDR to "F2" from "F1" , because of Fitch's downgrade of Italy.

28 November 2011: Fitch

  • LC and FC Issuer Default outlook changed to "Stable" from "Positive" following the Turkish sovereign outlook change to "Stable" from "Positive" on 24 November 2011

16 November 2011: Moody's

  • Local Currency Deposit Ratings were placed under review for a downgrade since Unicredit's financial strength rating is also under review, as Yapi Kredi's current rating incorporates a one-notch rating uplift due to parental support.
  • National Scale Rating was placed under review for a downgrade as it maps directly from the bank's local currency deposit rating on Turkey's long-term national rating scale.

6 October 2011: Moody's

  • Long Term LC Deposit rating downgraded to "Baa2" from "Baa1" following the downgrade of UniCredit's Bank Financial Strength Rating (BFSR) from C to C- due to the incorporation of parental support from UniCredit on YKB's Long Term LC deposit rating

28 April 2011: Fitch

  • Individual rating upgraded to C from C/D

1 December 2010: Fitch

  • LC and FC Issuer Default outlook changed to "Positive" from "Stable" following the Turkish sovereign outlook change to "Positive" from "Stable" on 24 November 2010

7 October 2010: Moody's

  • Long Term FC Deposit rating outlook changed from "Stable" to "Positive" following the Turkish sovereign outlook change to "Positive" from "Stable" on 5 October 2010

22 February 2010: S&P

  • Long term FC Counterparty rating upgraded to BB from BB-. Rating outlook also changed from "Stable" to "Positive" following the Turkish sovereign outlook change to "Positive" from "Stable" on 19 February 2010
  • Long term credit rating on the Turkish scale changed to" trAA" from "trA+"

8 January 2010: Moody's

  • Long Term FC Deposit rating upgraded to "Ba3" from "B1"
  • Long Term FC Deposit outlook changed from "Positive" to "Stable" following the Turkish sovereign outlook change to "Stable" from "Positive" on 08 January 2010

11 December 2009: Fitch

  • Long Term FC Issuer Default rating upgraded to "BBB-" from "BB"
  • Long Term FC Issuer Default outlook changed to "Stable" from "RWP: rating watch positive" following the Turkish sovereign outlook change to "Stable" from "RWP"
  • Short Term LC Issuer Default rating upgraded to "F3" from "B"
  • Long Term LC Issuer Default rating upgraded from "BBB-" to "BBB"
  • Support Rating upgraded to "2" from "3"

9 November 2009: Moody's

  • Long Term Local Currency Deposit rating downgraded to "Baa1" from "A3"
  • National Scale rating downgraded to "Aa2.tr" from "Aaa.tr"

23 September 2009: S&P

  • Long term FC Counterparty rating outlook changed from "negative" to "stable" on 23 September 2009 following the Turkish sovereign outlook change to "stable" from "negative" on 17 September 2009

3 August 2009: Moody's

  • Financial Strength Rating outlook changed from "positive" to "stable"
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