RPT-Fitch assigns AKLease eurobond 'BBB(EXP)' rating

Fri Apr 5, 2013 5:21am EDT

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April 5 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned Ak Finansal Kiralama A.S.'s (AKLease) upcoming issue of Eurobonds a 'BBB(EXP)' expected rating. The senior unsecured notes will rank equally with AkLease's other senior unsecured obligations.

KEY RATING DRIVERS

The issue rating is aligned with AKLease's Long-term foreign currency IDR. AKLease's ratings, in turn,are equalised with those of its 99.9% owner, Akbank T.A.S. ('BBB'/Stable). This reflects Fitch's view of AKLease as a core subsidiary of Akbank. AKLease shares common branding with, and is highly integrated into, its parent. Akbank is Turkey's third-largest private bank at end-Q312 with an 11.5% market share in assets.

RATING SENSITIVITIES

As a core subsidiary of Akbank, changes in AKLease's ratings, and those of the issue, are likely to depend on changes in Akbank's IDRs.

AKLease is currently rated as follows:

Long-term foreign and local currency IDR: 'BBB'; Outlook Stable

Short-term foreign currency and local currency IDR: 'F3'

National Long-term rating: 'AAA(tur)'; Outlook Stable Support Rating: '2'

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