Jan 23 - Fitch Ratings has assigned Akbank T.A.S.’s (Akbank) upcoming issue of TRY-denominated Eurobonds a ‘BBB(EXP)’ expected rating.
The senior unsecured notes will rank equally with all of Akbank’s other senior unsecured obligations. The final rating is contingent upon the receipt of final documents conforming to information already received.
The expected rating is in line with Akbank’s Long-term local currency Issuer Default Rating (IDR) of ‘BBB’/Stable, which is driven by the bank’s Viability Rating. The total amount and final maturity of the issue are yet to be determined.
Akbank is Turkey’s third-largest private bank at end-Q312 with a 11.5% market share in assets. It is 49%-owned by Sabanci Holding, affiliated institutions and Individuals and 9.9% by Citigroup. The rest of the shares are publicly traded.
Akbank is currently rated as follows:
Long-term foreign and local currency IDR: ‘BBB’/Stable
Short-term foreign and local currency IDR: ‘F3’
National Long-term Rating: ‘AAA(tur)'/Stable
Viability Rating: ‘bbb’
Support Rating: ‘3’
Support Rating Floor: ‘BB+’
Senior unsecured debt: ‘BBB’