Fitch rates Turk Eximbank note program short-term B

Fitch Ratings said it assigned Turkiye Ihracat Kredi Bankasi's (Turk Eximbank, BB+/stable) global medium-term note program a senior unsecured short-term rating of B.

The program's senior unsecured long-term rating of BB+ is unaffected.

The action follows an update of the program, which includes an increase in its size to $2.5 billion from $1.5 billion.

Fitch said the program's senior unsecured short-term rating is in line with the bank's B short-term foreign-currency issuer default rating, because senior notes issued under the program constitute direct, unsubordinated and unsecured obligations of the bank and rank equally with all of its other unsecured and unsubordinated obligations.

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