Fitch gives Turk Ekonomi notes CCC+

Fitch Ratings said it gave Turk Ekonomi Bankasi AS' planned issue of Basel III-compliant tier 2 capital notes an expected CCC+ rating. The recovery rating is RR5. The size of the issue is not yet determined.

The notes are rated one notch below TEB's B- long-term foreign-currency issuer default rating per Fitch's bank rating criteria, the agency said.

Fitch noted the rating also reflects the view that Turk Ekonomi’s parent BNP Paribas SA would probably help mitigate any losses.

The outlook is stable.

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