Moody's downgrades YapiKredi, debt

Moody's Investors Service said it downgraded the following ratings of Yapi ve Kredi Bankasi AS: Global local currency deposit and foreign currency debt ratings to Baa3 from Baa2; foreign currency subordinated debt rating to Ba2 from Ba1; global medium-term note program long-term local and foreign currency senior unsecured debt ratings to provisional Baa3 from provisional Baa2; and national scale ratings to A1.tr from Aa3.tr.

YapiKredi's remaining ratings are unaffected.

All ratings remain on review for downgrade, which was initiated on March 18.

Moody's said YapiKredi's global local currency deposit and senior debt ratings incorporate a moderate likelihood of parental support and a high likelihood of systemic support.

The downgrade of YapiKredi's ratings follows the lowering to ba1 from baa3 of the baseline credit assessment of UniCredit SpA (deposits Baa2 stable, BFSR D+, stable/BCA ba1), which holds a 40.9% stake in YapiKredi, see press release, March 21.

© 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.