Fitch rates Turk Ekonomi note BB

Fitch Ratings said it assigned Economy Luxembourg SA's issue of step-up loan participation notes a long-term foreign-currency rating of BB.

The notes are to be used solely to finance a subordinated loan to Turkey's Turk Ekonomi Bankasi AS, which has a foreign-currency issuer default rating of BB and a local-currency issuer default rating of BB+, with a positive outlook.

The rating reflects Fitch's standard notching practice for subordinated instruments of issuers with issuer default ratings of BB- or higher. The subordinated issue rating has been notched down once from Turk Ekonomi's BB+ local-currency rating.

© 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.