Fitch lifts Yapi Ve Kredi view to negative

Fitch Ratings said it revised the outlooks to negative from stable on Yapi Ve Kredi Bankasi, Yapi Kredi Finansal Kiralama AO (Yapi Leasing), Yapi Kredi Faktoring AS and Yapi Kredi Yatirim Menkul Degerler AS (Yapi Kredi Invest).

The ratings on the companies also were affirmed, including Yapi Ve Kredi Bankasi’s long-term foreign-currency issuer default rating at BBB, short-term foreign-currency issuer default rating at F2, long-term local-currency issuer default rating at BBB, short-term local-currency issuer default rating at F2, national long-term rating at AAA(tur), senior unsecured debt ratings at BBB and F2 and subordinated notes at BBB-.

Yapi Leasing’s, Yapi Faktoring’s and Yapi Kredi Invest’s ratings are equalized with owner Yapi Ve Kredit Bankasi, reflecting their position as core, highly integrated subsidiaries.

The outlook revision mirrors the actions on UniCredit SpA, the agency said.

The ratings reflect a view that the bank is a strategically important subsidiary for UniCredit, which is reflected in its long-term issuer default ratings being notched down once from that of UniCredit, Fitch said.

This view takes into account the continued high strategic importance of Turkey for UniCredit, the agency said.

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