| Abstract: | Following a review of Turkiye Garanti Bankasi AS (Garanti) and its core subsidiary, Garanti Finansal Kiralama A.S. (Garanti Leasing), under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'BB' ratings on Garanti and our 'BB/B' ratings on Garanti Leasing. The outlook is positive. Our ratings on Garanti reflect its 'bbb-' anchor, as well as its adequate business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity. The ratings on Garanti Leasing reflect its status as a core subsidiary of Garanti. The positive outlook on both entities reflects that on the sovereign. As we previously announced on Dec. 1, 2011, Standard&Poor's Ratings Services affirmed its 'BB' long-term counterparty
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