Moody's affirms Oyak

Moody's Investors Service said it affirmed Ordu Yardimlasma Kurumu's (Oyak) Ba2 corporate family ratings and the Ba2 probability-of-default rating following the announcement that it had reached agreement with ING Bank to sell Oyak Bank for $2.673 billion in cash.

The outlook is stable.

The deal, which is subject to approval, is expected to close in the second half of this year.

Moody's said that Oyak's Ba2 ratings already factored the group's indication to sell at least a portion of the bank. The rating balances the positive effect of cash proceeds with the altered business risk profile after shedding one of its most significant investments.

The rating factors in the agency's expectation that Oyak would aim to re-invest at least part of the proceeds.

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