Moody’s rates Yapi Kredi bonds Ba3 (hyb)

Moody's Investors Service said it assigned a provisional Ba3 (hyb) long-term foreign-currency subordinated debt rating to Yapi ve Kredi Bankasi AS's (Yapi Kredi) planned dollar-denominated contractual non-viability Tier 2 bond issuance under its global medium-term note program.

The rating is positioned two notches below Yapi Kredi’s baseline credit assessment of ba1, in line with Moody's standard notching guidance for subordinated debt with loss triggered at the point of non-viability, on a contractual basis. The provisional rating does not incorporate any uplift from systemic (government) support.

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