RPT-Fitch Assigns AKLease's Senior Unsecured Bond 'BBB' Final Rating
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April 11 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has assigned Ak Finansal Kiralama A.S.'s (AKLease) five-year USD250m unsecured Eurobond issue with a fixed coupon rate of 4.125% a final rating of 'BBB'. The final rating is the same as the expected rating assigned on 5 April 2013.
KEY RATING DRIVERS
The notes are senior unsecured and rank equally with AKLease's other senior unsecured obligations. The issue's 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.
As a core subsidiary of Akbank, any 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'
Senior unsecured debt: 'BBB'