After downgrading Turkey's outlook to negative late Friday, and at the same time deciding to keep the country's credit rating at BB, the U.S.-based Standard & Poor's has revised the outlook of five major Turkish financial institutions - Türkiye İş Bankası, Garanti Bankası, Garanti Leasing, YapıKredi Bankası, and Vakıf Bank - from stable to negative. As S&P downgraded Turkey's outlook to negative, the policy of the rating agency requires a revision of the Turkish banks' financial profiles and performance.In a report released by S&P, the agency said, "We believe that Turkish banks' financial profiles and performance will remain highly correlated with sovereign creditworthiness, owing to the banks' significant holdings of government securities and exposure to the domestic environment." Basing its decision on the rating policies, the agency lowered Turkey's long-term national scale ratings of Türkiye İş Bankası, Türkiye Garanti Bankası, Garanti Leasing, Türkiye Vakıflar Bankası and Yapı Kredi Bankası.Meanwhile, Turkish banks have started to publish their annual financial reports. Garanti Bankası released its financial reports dated Dec. 31, 2016, in which the bank confirms a TL 5.14 billion ($1.36 billion) net profit in 2016. According to the same reports, the bank recorded equity profit of 15.4 percent and asset profit of 1.8 percent. Likewise, Yapı Kredi Bankası and Türkiye İş Bankası will release their financial reports today, while Türkiye Vakıflar Bankası will release theirs on Feb. 20.