Moody’s cuts Isbank debt to B1 (hyb)

Moody's Investors Service said it downgraded Turkiye Is Bankasi AS’ (Isbank: deposits Baa3 negative/Prime-3; standalone baseline credit assessment (BCA) ba2) subordinate debt instrument to B1 (hyb) from Ba3.

This concludes the review for downgrade initiated on May 13.

Moody’s said the downgrade follows the completion of the consent of bondholders responding to consent solicitation memorandum published by the issuer to modify the terms and conditions of the notes. The intent of the issuer's proposal was to convert the "plain vanilla" subordinated debt security into a Basel III-compliant Tier 2 capital instrument, keeping the same ISIN number.

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