ข่าวประชาสัมพันธ์เศรษฐกิจ/การเงิน

Rating Affirmed In Future Flow Transaction Garanti Diversified Payment Rights Finance After Originator Downgrade

          MOSCOW (S&P Global Ratings) Sept. 14, 2018--S&P Global Ratings today affirmed its 'AA' credit rating on Garanti Diversified Payment Rights Finance Co.(Turkiye Garanti Bankasi)'s (Garanti) series 2014-C floating-rate notes. 
          Today's affirmation follows our lowering of the long-term foreign currency sovereign credit rating on Turkey to 'B+' from 'BB-', and of our issuer credit rating on Tuerkiye Garanti Bankasi A.S. (Garanti Bank) (see "Six Turkish Financial Institutions Downgraded On Heightened Credit Risks And Ongoing Depreciation Of The Turkish Lira," and "Turkey Long-Term Foreign Currency Rating Lowered To 'B+' On Implications Of Extreme Lira Volatility; Outlook Stable"). 
          We conducted our full review analysis of the series 2014-C notes using the most recent transaction information that we have received (dated June 2018) and the application of our future flow and guarantee criteria (see "Related Criteria").
          The transaction is backed by Garanti's current and future diversified payment rights (DPRs). DPRs take the form of U.S. dollar-, euro-, and British pound-denominated payment orders, including Society for Worldwide Interbank Financial Telecommunication (SWIFT) MT100 series payment order messages. These payment order messages are a product of the international financial operations of Garanti Bank, one of Turkey's leading banks. Payment orders are created as a result of Garanti Bank's role as a financial intermediary between foreign payers who send funds to Turkey and resident Turkish entities that receive these funds. 
          Our rating on the series 2014-C notes is based on the full financial guarantee insurance policy provided by the guarantor, Assured Guaranty Corp. (AA/Stable). The financial guarantee insurance policy shifts the evaluation of creditworthiness from the insured notes to that of the insurance provider. Our criteria link our rating on the series 2014-C notes to our long-term 'AA' rating on the insurer (see "Guarantee Criteria," published on Oct. 21, 2016). Therefore, and in line with our criteria, we have affirmed our 'AA' rating on the series 2014-C notes.