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Moody's rates Yapi debt Ba1
Moody's Investors Service said it assigned a first-time provisional Ba1 foreign-currency subordinated debt rating to the proposed senior subordinated debt issuance by Yapi ve Kredi Bankasi AS.
The proposed debt instrument is expected to be eligible for Tier 2 capital treatment under Turkish law. The outlook is negative.
The agency said YapiKredi's provisional subordinated debt rating is positioned one notch below the bank's baa3 adjusted standalone credit assessment. The rating does not incorporate any rating uplift from systemic government support.
The bank's adjusted standalone credit assessment is one notch higher than its ba1 standalone credit assessment and incorporates one notch of rating uplift. The agency said the uplift reflects Moody's assumption of a moderate probability of support from UniCredit SpA, which holds a 40.9% stake in YapiKredi.
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