Garanti BBVA cut to junk by Fitch

BBVABBVA 9months net profit up 46% yr-on-yr

Alphavalue | BBVA (Add, Target Price 6,41 euros/share): Credit rating agency Fitch has warned that the political instability in Turkey steps up the risk of an intervention in the banking system by Erdogan’s government. Fitch has cut the rating of the Spanish bank’s Turkish subsidiary Garanti BBVA to the category of junk bonds.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.