Fitch: AKLease eurobond BBB

Fitch Ratings said it assigned a final rating of BBB to Ak Finansal Kiralama AS's (AKLease) five-year $250 million unsecured eurobond issue with a fixed coupon rate of 4.125%.

The final rating is the same as the expected rating assigned April 5, Fitch said.

The notes are senior unsecured and rank equally with AKLease's other senior unsecured obligations, the agency said.

AKLease has a long-term foreign- and local-currency issuer default rating of BBB, short-term foreign-currency and local-currency issuer default ratings of F3, national long-term rating of AAA(tur) and senior unsecured debt ratings of BBB.

The issue rating is aligned with AKLease's long-term foreign-currency issuer default rating. The ratings, in turn, are equalized with those of its 99.9% owner, Akbank TAS.

This reflects a view of AKLease as a core subsidiary of Akbank. AKLease shares common branding with and is highly integrated into its parent, Fitch said. As a core subsidiary of Akbank, any changes in AKLease's ratings, and those of the issue, are likely to depend on changes in Akbank's issuer default ratings, the agency said.

© 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.