Moody’s rates Akbank notes B1 (hyb)

Moody's Investors Service said it assigned a provisional B1 (hyb) long-term foreign-currency subordinated debt rating to Akbank TAS' (long term foreign currency deposit rating of Ba2 with a stable outlook, short term foreign currency deposit rating of NP and BCA of ba2) planned dollar-denominated contractual non-viability Tier 2 bond issuance under its global medium-term note program.

The provisional rating assigned to the subordinated debt obligations of Akbank is positioned two notches below the bank's adjusted baseline credit assessment (BCA) of ba2, in line with Moody's standard notching guidance for subordinated debt with loss triggered at the point of non-viability, on a contractual basis.

The provisional rating does not incorporate any uplift from government support.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.