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TEXT-Fitch assigns Vakifbank eurobond expected 'BB(exp)' rating
October 16, 2012 / 1:45 PM / 5 years ago

TEXT-Fitch assigns Vakifbank eurobond expected 'BB(exp)' rating

Oct 16 - Fitch Ratings has assigned Turkiye Vakiflar Bankasi T.A.O.'s
 upcoming USD issue of subordinated notes an expected 'BB(EXP)'

Vakifbank is rated Long-term Foreign and Local Currency Issuer Default Rating
(IDR) 'BB+'/Stable, Short-term Foreign and Local Currency IDR 'B', Viability
Rating 'bb+', Support Rating '3', Support Rating Floor 'BB+' and National
Long-term rating 'AA+(tur)'/Stable.

Vakifbank was the seventh-largest bank in Turkey in total unconsolidated bank
assets at end-H112. It is 58.5% owned by the General Directorate of Foundations,
which is fully controlled and managed by the Turkish state, 16.2% by the bank's
pension fund. 25.2% of the shares are publicly traded.

Additional information is available at The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15
August 2012, and 'Rating Bank Regulatory Capital and Similar Securities', dated
15 December 2011, are available at

Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
Rating Bank Regulatory Capital and Similar Securities

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