Moody’s downgraded Invest bank’s deposit rating to Ba1 from Ba3

Deniz Kılınç / İstanbul, May 4 (DHA) – Moody’s Investor’s Service has downgraded Invest bank’s long-term deposit rating to Ba1 from Ba3.
Following the long-term deposit rating, Moody’s has also respectively downgraded the company’s long-term and short-term Counterparty Risk Assessments to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr) and placed Invest bank’s long-term and short-term Baa3(cr)/P-3(cr) Counterparty Risk Assessments ratings on review for further downgrade.
Moody’s has evaluated the situation as follows: "The rating downgrade reflects Invest bank’s significant and sudden weakening in asset quality, combined with the resulting deterioration in the bank’s profitability and capitalisation.
"The review for downgrade on Invest bank’s ratings will allow Moody’s to further assess the bank’s asset quality, profitability and capitalisation and the potential for further deterioration in these."