Moody's gives Akbank eurobond Ba1

Moody's Investors Service said it assigned a provisional foreign currency senior unsecured debt rating of provisional Ba1 to the proposed eurobond issuance by Akbank TAS.

The outlook is stable.

This is Akbank's first debt issuance and it is being offered under 144A-DTC, Regulation S, the agency added.

The rating of the notes is in line with Akbank's senior unsecured foreign currency debt rating, Fitch said, adding that foreign currency debt ratings are subject to the foreign currency bond ceiling.

As a result, even though Akbank's global local currency deposit rating of Baa1 is higher than the foreign currency bond ceiling for Turkey, the Akbank's foreign currency senior unsecured debt rating is constrained by and thus equal to this ceiling, Moody's stated.

The agency noted that Akbank's foreign currency debt rating is higher than its Ba3 foreign currency deposit rating, since the foreign currency deposit rating is constrained by the lower Ba3 foreign currency country ceiling for deposits for Turkey.

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