Fitch rates Sekerbank notes CCC-

Fitch Ratings said it assigned Sekerbank TAS’ planned additional tier 1 capital notes an expected CCC- rating. The size of the issuance is not yet determined but is expected to be in the range of $150 million.

“The rating on the notes is three notches below Sekerbank's b- viability rating (VR), in accordance with Fitch's bank rating criteria. Fitch has only notched the debt rating three times from Sekerbank's VR (twice for loss severity and only once for non-performance risk), instead of the baseline four notches, due to rating compression, as Sekerbank's VR is below the BB- anchor rating threshold,” the agency said in a press release.

The outlook is positive.

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