14.10.2022
International Credit Rating Agency Moody's has upgraded all long-term deposit ratings of Şekerbank based on the material improvement in the Bank's solvency profile, particularly profitability and asset quality over the past three years.
In a statement dated October 14, 2022, International Credit Rating Agency Moody's has upgraded all long-term deposit ratings of Şekerbank based on the material improvement in the Bank's financial performance over the past three years, particularly in terms of profitability and asset quality, and changed its outlook to stable.
The Transformation Program, which was initiated by Şekerbank in 2019 in order to renew all its processes and technological infrastructure, has enabled significant improvements in its loan portfolio quality and efficiency, which have led to the upgrade in ratings.
Accordingly, Şekerbank's Long-term Bank Deposit Rating was upgraded from Caa2 to Caa1, NSR Long-term Bank Deposit Rating was upgraded from B1.tr to Baa3.tr, Long-term Counterparty Risk Rating was upgraded from Caa1 to B3, NSR Long-term Counterparty Risk Rating was upgraded from Baa3.tr to A3.tr, and NSR Short-term Counterparty Risk Rating was upgraded from TR-3 to TR-2. While the Bank's Short-term Bank Deposit Rating and Short-term Counterparty Risk Rating were affirmed as Not Prime, its Baseline Credit Assessment was updated from caa2 to caa1, and its outlook was changed to stable. With this upgrade, Moody's has concluded the review that was initiated on August 16, 2022 to upgrade Şekerbank's ratings.