Moody's gives Baa2 to YapiKredi program

Moody's Investors Service said it assigned provisional Baa2 long-term and provisional Prime-3 short-term local- and foreign-currency senior unsecured debt ratings to Yapi ve Kredi Bankasi AS' $1.25 billion global medium-term note program.

The long-term ratings have a negative outlook.

Moody's said the ratings for the debt obligations of YapiKredi's global medium-term note program are in line with YapiKredi's global local-currency Baa2/Prime-3 deposit ratings and are not constrained by Turkey's local and foreign currency debt ceilings.

The outlook on the ratings is in line with the outlook on the bank's global local-currency deposit ratings.

The rating was assigned in the context of YapiKredi, issuing, up to a maximum aggregate amount of $1.25 billion long- and short-term local- and foreign-currency debt notes through its program, the agency said. The notes will be unconditional, unsubordinated and unsecured obligations, and will rank pari-passu with all of YapiKredi's other senior unsecured obligations.

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