Fitch: Yapi Kredi notes BBB-

Fitch Ratings said it assigned Yapi ve Kredi Bankasi AS's upcoming issue of subordinated notes an expected BBB-(EXP) rating.

The agency said it used the company's long-term foreign currency issuer default rating of BBB/negative as the anchor rating for rating the notes. This reflects the agency's view that support from UniCredit SpA will likely be available to help the bank service subordinated, as well as senior, obligations.

The agency said the one-notch difference between the long-term issuer default rating and the notes' rating reflects greater potential loss severity for subordinated as opposed to senior debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.