Fitch rates Yapi ve Kredit Bankasi notes BBB-

Fitch Ratings said it assigned an expected BBB- rating to Yapi ve Kredit Bankasi AS’s planned issue of Basel III-compliant tier 2 capital notes.

The size of the issue is not yet determined, but is likely to be in the range of $500 million to $1 billion, Fitch said.

The notes qualify as Basel III-compliant tier 2 instruments and contain contractual loss absorption features that will be triggered at the point of non-viability of the bank, the agency said.

The notes are notched down once for loss severity from Yapi’s long-term issuer default rating of BBB, Fitch said.

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