Fitch has upgraded the rating of Garanti FactoringWednesday 12 August 2015
International credit rating agency Fitch, has increased credit ratings of Garanti Factoring A.S.
Fitch Ratings has upgraded Garanti Factoring Long-Term Issuer Default Ratings (IDRs) to “BBB ” from “BBB – “, Short-term IDRs to “F2” from ‘F3′ and National Rating to “AAA” from “AA+”.
Fitch has announced that changes in ratings based on , ex-changes occurring in the management Garanti with BBVA’s purchasing additional 14.89 % shares from Doğuş Holding as published in November 2014 and completed July 27th 2015.
Although BBVA has a 39.9% share of the result of this process, Fitch has indicated that BBVA gained the management of control and consequently Garanti will be consolidated with the full consolidation method in BBVA ‘s financial statements.