(Repeat for additional subscirbers)
May 19 (The following statement was released by the rating agency)
Fitch Ratings has assigned Turk Ekonomi Bankasi A.S.'s (TEB) forthcoming USD500m EMTN programme a Long-term 'BBB(EXP)' expected rating. The final rating is contingent upon receipt of final documents conforming to information already received by Fitch.
TEB, majority owned by BNP Paribas (A+ Stable), is a well-established second-tier Turkish bank controlling a deposit market share of around 4%.
KEY RATING DRIVERS
The rating is based on TEB's IDR. The notes are senior unsecured obligations and will rank at the same level as all of TEB's other senior unsecured obligations.
As the rating is based on TEB's IDR, it will be sensitive to any movements in that rating.
Fitch currently rates TEB as follows:
Long-term foreign currency Issuer Default Rating (IDR): 'BBB'; Stable Outlook
Short-term foreign currency IDR: 'F3'
Long-term local currency IDR: 'BBB+'; Stable Outlook
Short-term local currency IDR: 'F2'
National Long-term rating: 'AAA(tur)'; Stable Outlook
Viability Rating: bbb-'
Support Rating: '2'