Turkiye Garanti Bankasi A.S. – Mortgage Lined Bonds — Moody's downgrades Turkish lined bonds following sovereign downgrade – Yahoo Finance

August 17, 2022 By admin

Ranking Motion: Moody's downgrades Turkish lined bonds following sovereign downgradeGlobal Credit score Analysis – 16 Aug 2022Three lined bond programmes affectedLondon, August 16, 2022 — Moody's Traders Service ("Moody's") has downgraded the rankings of lined bonds issued by three Turkish banks:- Turkiye Garanti Bankasi A.S. – Mortgage Lined Bonds: Downgraded to B1 from Ba3- Akbank TAS – Mortgage Lined Bonds: Downgraded to B1 from Ba3- Yapi Kredi Bankasi A.S. – Mortgage Lined Bonds: Downgraded to B1 from Ba3RATINGS RATIONALEToday's ranking motion follows Moody's latest determination to downgrade Turkiye's authorities bond ranking to B3 from B2 and Moody's decreasing Turkiye's local-currency bond ceiling to B1 from Ba3 on 12 August 2022, which follows the sovereign downgrade. Turkish lined bonds' rankings are capped at Turkiye's native forex bond ceiling as a result of ceilings usually act as the utmost rankings that may be assigned to a home issuer in Turkiye, together with lined bonds backed by Turkish receivables. At present's ranking motion implies that the B1 lined bonds' rankings are positioned two notches above the B3 authorities of Turkiye's issuer and senior unsecured debt ranking.For full particulars on sovereign ranking motion, please consult with the sovereign press launch: http://www.moodys.com/viewresearchdoc.aspx?docid=PR_468377.KEY RATING ASSUMPTIONS/FACTORSMoody's determines lined bond rankings utilizing a two-step course of: an anticipated loss evaluation and a TPI framework evaluation.EXPECTED LOSS: Moody's makes use of its Lined Bond Mannequin (COBOL) to find out a ranking primarily based on the anticipated loss on the bond. COBOL determines anticipated loss as (1) a operate of the likelihood that the issuer will stop making funds below the lined bonds (such cessation, a CB anchor occasion); and (2) the estimated losses that may accrue to lined bondholders ought to a CB anchor occasion happen. We categorical the likelihood of a CB anchor occasion as some extent on our alpha-numeric ranking scale (i.e. the CB anchor).The CB anchor for all of the Turkish lined bonds is issuing financial institution's CR evaluation plus zero notches. The CR evaluation displays an issuer's potential to keep away from defaulting on sure senior financial institution working obligations and contractual commitments, together with lined bonds.The duvet pool losses are an estimate of the losses Moody's at the moment fashions following a CB anchor occasion. Moody's splits cowl pool losses between market threat and collateral threat. Market threat measures losses stemming from refinancing threat and dangers associated to interest-rate and forex mismatches (these losses might also embody sure authorized dangers). Collateral threat is derived from the collateral rating, which measures losses ensuing straight from the quilt pool belongings' credit score high quality.The CB anchor for Akbank TAS – Mortgage Lined Bonds is B2, being the CR evaluation of Akbank T.A.S. plus 0 notches. The duvet pool losses are 43.4%, with market threat of 32.2% and collateral threat of 11.2%. The collateral rating for this programme is at the moment 11.2%. The over-collateralisation on this cowl pool is 421.0%, of which the issuer gives 12.5% on a "dedicated" foundation. Underneath Moody's COBOL mannequin, the minimal OC in line with the B1 ranking is 11.5%, of which 11.5% must be in "dedicated" kind to be given full worth (numbers on nominal foundation). These numbers present that Moody's just isn’t counting on "uncommitted" OC in its anticipated loss evaluation.The CB anchor for Turkiye Garanti Bankasi A.S. – Mortgage Lined Bonds is B2, being the CR evaluation of Turkiye Garanti Bankasi A.S. plus 0 notches. The duvet pool losses are 30.8%, with market threat of 20.4% and collateral threat of 10.4%. The collateral rating for this programme is at the moment 10.4%. The over-collateralisation on this cowl pool is 344.5%, of which the issuer gives 20.0% on a "dedicated" foundation. Underneath Moody's COBOL mannequin, the minimal OC in line with the B1 ranking is 11.5%, of which 11.5% must be in "dedicated" kind to be given full worth (numbers on nominal foundation). These numbers present that Moody's just isn’t counting on "uncommitted" OC in its anticipated loss evaluation.The CB anchor for Yapi Kredi Bankasi A.S. – Mortgage Lined Bonds is B2, being the CR evaluation of Yapi ve Kredi Bankasi A.S. plus 0 notches. The duvet pool losses are 27.4%, with market threat of 16.9% and collateral threat of 10.5%. The collateral rating for this programme is at the moment 10.5%. The over-collateralisation on this cowl pool is 293.0%, of which the issuer gives 20.0% on a "dedicated" foundation. Underneath Moody's COBOL mannequin, the minimal OC in line with the B1 ranking is 11.5%, of which 11.5% must be in "dedicated" kind to be given full worth (numbers on nominal foundation). These numbers present that Moody's just isn’t counting on "uncommitted" OC in its anticipated loss evaluation.For additional particulars on cowl pool losses, collateral threat, market threat, collateral rating and TPI Leeway throughout lined bond programmes rated by Moody's please consult with " Lined Bonds Sector Replace ", printed quarterly.TPI FRAMEWORK: Moody's assigns a "well timed cost indicator" (TPI), which is our evaluation of the chance of well timed cost of curiosity and principal to lined bondholders following a CB anchor occasion. TPIs are assessed as Very Excessive, Excessive, Possible-Excessive, Possible, Inconceivable or Very Inconceivable. The TPI framework limits the lined bond ranking to a sure variety of notches above the CB anchor.Moody's has assigned a TPI of Inconceivable to the aforementioned lined bond programmes.RATING METHODOLOGYThe principal methodology utilized in these rankings was "Moody's Method to Ranking Lined Bonds" printed in December 2021 and obtainable at https://rankings.moodys.com/api/rmc-documents/360326. Alternatively, please see the Ranking Methodologies web page on https://rankings.moodys.com for a duplicate of this technique.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:The CB anchor is the principle determinant of a lined bond programme's ranking robustness. A change within the stage of the CB anchor might result in an improve or downgrade of the lined bonds. The TPI Leeway measures the variety of notches by which Moody's may decrease the CB anchor earlier than the ranking company downgrades the lined bonds due to TPI framework constraints.The TPI assigned to every of those programmes is Inconceivable. The TPI Leeway for these programmes is restricted, and thus any discount of the CB anchor could result in a downgrade of the lined bonds.A multiple-notch downgrade of the lined bonds may happen in sure circumstances, akin to (1) a rustic ceiling or sovereign downgrade capping a lined bond ranking or negatively affecting the CB anchor and the TPI; (2) a multiple-notch downgrade of the CB anchor; or (3) a cloth discount of the worth of the quilt pool.REGULATORY DISCLOSURESFor additional specification of Moody's key ranking assumptions and sensitivity evaluation, see the sections Methodology Assumptions and Sensitivity to Assumptions within the disclosure kind. Moody's Ranking Symbols and Definitions will be discovered on https://rankings.moodys.com/rating-definitions.Moody's didn’t use any stress situation simulations in its evaluation.For rankings issued on a program, collection, class/class of debt or safety this announcement gives sure regulatory disclosures in relation to every ranking of a subsequently issued bond or observe of the identical collection, class/class of debt, safety or pursuant to a program for which the rankings are derived completely from current rankings in accordance with Moody's ranking practices. For rankings issued on a help supplier, this announcement gives sure regulatory disclosures in relation to the credit standing motion on the help supplier and in relation to every explicit credit standing motion for securities that derive their credit score rankings from the help supplier's credit standing. For provisional rankings, this announcement gives sure regulatory disclosures in relation to the provisional ranking assigned, and in relation to a definitive ranking which may be assigned subsequent to the ultimate issuance of the debt, in every case the place the transaction construction and phrases haven’t modified previous to the task of the definitive ranking in a fashion that will have affected the ranking. For additional data please see the issuer/deal web page for the respective issuer on https://rankings.moodys.com.For any affected securities or rated entities receiving direct credit score help from the first entity(ies) of this credit standing motion, and whose rankings could change because of this credit standing motion, the related regulatory disclosures shall be these of the guarantor entity. Exceptions to this strategy exist for the next disclosures, if relevant to jurisdiction: Ancillary Providers, Disclosure to rated entity, Disclosure from rated entity.The rankings have been disclosed to the rated entity or its designated agent(s) and issued [with/with no] modification ensuing from that disclosure.These rankings are solicited. Please consult with Moody's Coverage for Designating and Assigning Unsolicited Credit score Rankings obtainable on its web site https://rankings.moodys.com.Regulatory disclosures contained on this press launch apply to the credit standing and, if relevant, the associated ranking outlook or ranking overview.Moody's normal rules for assessing environmental, social and governance (ESG) dangers in our credit score evaluation will be discovered at https://rankings.moodys.com/paperwork/PBC_1288235.The World Scale Credit score Ranking on this Credit score Ranking Announcement was issued by one among Moody's associates outdoors the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Major 60322, Germany, in accordance with Artwork.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit score Ranking Businesses. Additional data on the EU endorsement standing and on the Moody's workplace that issued the credit standing is obtainable on https://rankings.moodys.com.Please see https://rankings.moodys.com for any updates on modifications to the lead ranking analyst and to the Moody's authorized entity that has issued the ranking.Please see the issuer/deal web page on https://rankings.moodys.com for added regulatory disclosures for every credit standing. Alexander Zeidler VP – Senior Credit score Officer Structured Finance Group Moody's Traders Service Ltd. One Canada Sq. Canary Wharf London, E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Shopper Service: 44 20 7772 5454 Jose de Leon Senior Vice President/Supervisor Structured Finance Group JOURNALISTS: 44 20 7772 5456 Shopper Service: 44 20 7772 5454 Releasing Workplace: Moody's Traders Service Ltd. One Canada Sq. Canary Wharf London, E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Shopper Service: 44 20 7772 5454 © 2022 Moody’s Company, Moody’s Traders Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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Nevertheless, MOODY’S just isn’t an auditor and can’t in each occasion independently confirm or validate data acquired within the ranking course of or in making ready its Publications.To the extent permitted by regulation, MOODY’S and its administrators, officers, staff, brokers, representatives, licensors and suppliers disclaim legal responsibility to any particular person or entity for any oblique, particular, consequential, or incidental losses or damages by any means arising from or in reference to the knowledge contained herein or using or incapability to make use of any such data, even when MOODY’S or any of its administrators, officers, staff, brokers, representatives, licensors or suppliers is suggested upfront of the opportunity of such losses or damages, together with however not restricted to: (a) any lack of current or potential income or (b) any loss or injury arising the place the related monetary instrument just isn’t the topic of a specific credit standing assigned by MOODY’S.To the extent permitted by regulation, MOODY’S and its administrators, officers, staff, brokers, representatives, licensors and suppliers disclaim legal responsibility for any direct or compensatory losses or damages triggered to any particular person or entity, together with however not restricted to by any negligence (however excluding fraud, willful misconduct or every other sort of legal responsibility that, for the avoidance of doubt, by regulation can’t be excluded) on the a part of, or any contingency inside or past the management of, MOODY’S or any of its administrators, officers, staff, brokers, representatives, licensors or suppliers, arising from or in reference to the knowledge contained herein or using or incapability to make use of any such data.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Traders Service, Inc., a wholly-owned credit standing company subsidiary of Moody’s Company (“MCO”), hereby discloses that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and industrial paper) and most well-liked inventory rated by Moody’s Traders Service, Inc. have, previous to task of any credit standing, agreed to pay to Moody’s Traders Service, Inc. for credit score rankings opinions and companies rendered by it charges starting from $1,000 to roughly $5,000,000. MCO and Moody’s Traders Service additionally keep insurance policies and procedures to handle the independence of Moody’s Traders Service credit score rankings and credit standing processes. Info concerning sure affiliations that will exist between administrators of MCO and rated entities, and between entities who maintain credit score rankings from Moody’s Traders Service and have additionally publicly reported to the SEC an possession curiosity in MCO of greater than 5%, is posted yearly at www.moodys.com below the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Coverage.”Further phrases for Australia solely: Any publication into Australia of this doc is pursuant to the Australian Monetary Providers License of MOODY’S affiliate, Moody’s Traders Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). 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(“MSFJ”) is a wholly-owned credit standing company subsidiary of MJKK. MSFJ just isn’t a Nationally Acknowledged Statistical Ranking Group (“NRSRO”). Due to this fact, credit score rankings assigned by MSFJ are Non-NRSRO Credit score Rankings. Non-NRSRO Credit score Rankings are assigned by an entity that isn’t a NRSRO and, consequently, the rated obligation is not going to qualify for sure sorts of remedy below U.S. legal guidelines. MJKK and MSFJ are credit standing companies registered with the Japan Monetary Providers Company and their registration numbers are FSA Commissioner (Rankings) No. 2 and three respectively.MJKK or MSFJ (as relevant) hereby disclose that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and industrial paper) and most well-liked inventory rated by MJKK or MSFJ (as relevant) have, previous to task of any credit standing, agreed to pay to MJKK or MSFJ (as relevant) for credit score rankings opinions and companies rendered by it charges starting from JPY100,000 to roughly JPY550,000,000.MJKK and MSFJ additionally keep insurance policies and procedures to handle Japanese regulatory necessities. ​
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