Looks like Moody's aren't too impressed with the way things are going in Turkey right now. They've downgraded their ratings for fourteen Turkish banks from stable to negative and released this statement:
“Economic prospects have worsened significantly since Moody’s last rating action on Turkish banks in September 2016 and the rating agency expects this will negatively affect the banks’ asset quality, earnings generation and capital and may lead to heightened foreign currency refinancing risk,”
The banks affected are Akbank, Alternatifbank, HSBC Turkey, ING Turkey, Finansbank, Ziraat Bank, Halk Bank, Vakiflar Bank, Turk Ekonomi Bankası, Garanti Bank, Yapı Kredi Bank, iş Bank, TSKB and the GRI Export Credit Bank of Turkey.
There's a bit more in this
HDN article, one significant paragraph being:
On March 20, Moody’s said its decision to affirm and change the outlook from stable to negative on the long-term deposit and debt ratings of 14 banks reflects Moody’s expectation that these banks’ ratings would come under pressure from a combination of the weakening capacity of the government of Turkey to provide support in case of need, as implied by the negative outlook on the sovereign rating; and the increasingly adverse macroeconomic environment in Turkey.
Make of it what you will...
JF