S&P rates YapiKredi notes BB

Standard & Poor's said it assigned its BB senior unsecured debt rating to the proposed loan participation notes to be issued by Unicredit Luxembourg SA.

The notes will have limited recourse to UniCredit Luxembourg, which is acting as the financing vehicle of Turkish Yapi ve Kredi Bankasi AS (YapiKredi; BB/positive/B) in this transaction and the sole purpose of the notes is to finance a loan to YapiKredi, the agency said.

The amount and maturity are expected to be determined during the placement, S&P noted.

The proceeds will be used to fund YapiKredi's lending operations, the agency said, adding that the rating on the notes reflects the long-term counterparty credit rating on YapiKredi.

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