Fitch rates Akbank eurobond BBB-

Fitch Ratings said it assigned Akbank TAS's forthcoming five-year eurobond issue an expected rating of BBB-. The rating is contingent upon receipt of final documents. The issue is rated at the same level as Akbank's long-term issuer default rating.

The issue will total up to $1 billion and the proceeds will be used for general corporate purposes.

The notes are senior unsecured and will be ranked at the same level as all of Akbank's other senior unsecured obligations, Fitch said.

Akbank has a long-term foreign-currency issuer default rating of BBB-, long-term local-currency issuer default rating of BBB-, short-term foreign-currency issuer default rating of F3, short-term local-currency issuer default rating of F3 and national long-term rating of AAA(tur). The outlook is stable.

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