Fitch: Yapi Kredi notes BBB-

Fitch Ratings said it has assigned Yapi ve Kredi Bankasi AS' $1 billion of 10-year subordinated notes issue a final rating of BBB-.

The issue will mature in December 2022 and the proceeds will be used for general corporate purposes, the agency said.

Fitch said it has used the bank's long-term foreign currency issuer default rating of BBB/negative as the anchor rating for rating the notes, reflecting the agency's view that support from UniCredit SpA (A-/negative) will likely be available to help the bank service subordinated, as well as senior, obligations.

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