Moody's gives Akbank program Baa2

Moody's Investors Service said it assigned provisional Baa2 long-term and provisional Prime-2 (P-2) short-term local and foreign currency senior unsecured debt ratings to the $3 billion global medium-term note program of Akbank TAS.

Drawdowns by Ak Finansal Kiralama AS, which is listed as the second issuer on this two-issuer program, are unrated by Moody's.

All ratings have a stable outlook.

Moody's said the long-term ratings assigned to the debt obligations of Akbank's global medium-term note program are in line with the bank's long-term senior unsecured debt rating and global local currency deposit ratings and are not constrained by Turkey's local and foreign currency debt ceilings.

The assigned short-term debt ratings are in line with the bank's short-term global local currency deposit ratings.

The stable outlook on the program is in line with the outlook on the bank's global local currency deposit ratings.

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