Moody's has upgraded Şekerbank's ratings
by three notches

International Credit Rating Agency Moody's has upgraded Şekerbank's Long-term Deposit ratings by three notches with a positive outlook.

International Credit Rating Agency Moody's has upgraded Şekerbank's Long-term LC and FC Deposit ratings by three notches from “Caa1” to “B1” with a positive rating outlook. The decision is credited to the upgrade of Türkiye's Long-term LC and FC Issuer Ratings by two notches from B3 to B1 on July 19, 2024, as well as Şekerbank's financial performance, which stands outby a strong capital structure and prudent risk management practices.

Moody's has also raised the Bank's Baseline Credit Assessment rating from “caa1” to “b2,” its National Scale Long-term LC Deposit rating from “Baa3.tr” to “Aa2.tr,” and its National Scale Short-term LC Deposit rating from “TR-3” to “TR-1.”

Aybala Şimşek Galpin: “Confidence in Türkiye's economic program and Şekerbank's success brought a three-notch rating uplift” 

Şekerbank General Manager Aybala Şimşek Galpin commented on the rating increase by Moody's: “Encompassing a holistic program and a comprehensive roadmap, the economic program lays the groundwork for a strong Türkiye, attracting investor interest and worldwide attention. Last weekend, Moody's upgraded our country's credit rating by two notches with a positive outlook. The operational improvements achieved with determined policies, combined with Şekerbank's remarkable financial performance in recent years, have enabled a three-notch upgrade in our Bank's Long-term TRY and FC Deposit ratings. The upgrade fills us with pride, as it demonstrates Şekerbank's successful financial performance and the trust in Türkiye's credible economic program.”