Fitch assigns BB- to Fibabanka notes

Fitch Ratings said it assigned Fibabanka AS' upcoming benchmark senior unsecured notes issue an expected long-term rating of BB-(EXP). The issue is expected to have a five-year tenor.

Fitch said the senior unsecured notes are rated at the same level as Fibabanka’s long-term foreign-currency issuer default rating, as the notes constitute Fibabanka’s direct, unconditional, unsubordinated and unsecured obligations and will rank equally among themselves and with all of the bank's other unsubordinated and unsecured obligations.

The long-term issuer default rating in turn is driven by the bank's standalone strength, as reflected in its viability rating of bb-.

The viability rating reflects the bank's limited franchise in the Turkish banking sector, small absolute size and rapid growth in recent years, the agency explained. It also reflects Fibabanka’s record of reasonable financial metrics and sound strategic implementation.

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