April 2, 2015 / 5:28 PM / 4 years ago

Fitch Rates TSKB's New MTN Programme 'BBB-'

(The following statement was released by the rating agency) MOSCOW/LONDON, April 02 (Fitch) Fitch Ratings has assigned Turkiye Sinai Kalkinma Bankasi A.S.'s (TSKB) USD750m medium term note programme Long- and Short-term ratings of 'BBB-' and 'F3' respectively. The ratings apply only to issuance of senior unsecured notes. The ratings are senior programme ratings and do not imply that the ratings will be assigned to all notes issued under the programme. Senior notes under the MTN programme will represent direct, unconditional, unsecured, and unsubordinated obligations of the bank. However, Fitch reserves the right to not rate certain instruments issued under the programme. The programme is to be listed on the Irish Stock Exchange. Notes issued may be in any currency or of any tenor. KEY RATING DRIVERS The programme's ratings reflect the ratings that are expected to be assigned to senior notes issued under the programme, and are in line with TSKB's Long- and Short-term Issuer Default Ratings (IDR) of 'BBB-' and 'F3' respectively. The bank's IDRs in turn reflect the policy role of TSKB and are based on a high probability of support, if required, from the Turkish government. TSKB is 50%-owned by Turkiye Is Bankasi A.S. (BBB-/Stable) and performs a public mission, as defined in its statutes, of attracting foreign capital investments to Turkey and participating in the development of the country's capital markets. RATING SENSITIVITIES As the MTN programme is rated in line with TSKB's foreign currency IDRs, the rating is primarily sensitive to changes to the IDRs. TSKB's IDRs are sensitive to a change in Turkey's sovereign ratings and also to a material reduction in the level of state-guaranteed debt or an erosion of its policy role, either of which Fitch would consider as a reduction in the state's commitment to TSKB, and therefore potentially an indication of a reduced propensity to provide support, in case of need. However, this is not Fitch's base case. The other ratings of TSKB are unaffected by this action, and are as follows: Long-term foreign currency IDR: 'BBB-'; Outlook Stable Short-term foreign currency IDR: 'F3' Long-term local currency IDR: 'BBB'; Outlook Stable Short-term local currency IDR: 'F3' Support Rating: '2' Support Rating Floor: 'BBB-' National Long Term Rating: 'AAA(tur)'; Outlook Stable Contact: Primary Analyst Aslan Tavitov Associate Director +7 495 956 7065 Fitch Ratings CIS Ltd 26 Valovaya Street Moscow 115054 Secondary Analyst Huseyin Sevinc Analyst +44 203 530 1027 Committee Chairperson James Watson Managing Director +7 495 956 6657 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, 'Global Bank Rating Criteria' dated 20 March 2015, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Bank Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below