S&P: Export Credit Bank of Turkey bonds BB

Standard & Poor's said it assigned a BB long-term senior unsecured debt rating to the proposed dollar-denominated fixed-rate bonds to be issued by Export Credit Bank of Turkey.

The amount and maturity of the bonds are yet to be determined.

The ratings reflect the foreign-currency long-term counterparty credit rating on Turk Eximbank, which are equalized with those on the Republic of Turkey. There is an almost certain likelihood that the Turkish government would provide timely and sufficient extraordinary support to Turk Eximbank in case of financial distress, S&P said.

The positive outlook also mirrors that on the Republic of Turkey, the agency added.

As long as the government continues to provide support, any change in the ratings on the sovereign will likely result in a similar rating action on Turk Eximbank, S&P said.

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