Moody's rates Yapi ve Kredi Bankasi

Moody's Investors Service said it assigned a Caa1(hyb) rating to Yapi ve Kredi Bankasi AS's $650 million additional tier 1 (AT1) instrument, non-cumulative perpetual fixed-rate resettable additional tier 1 notes.

The notes were issued under the company's global medium-term note program.

The instrument rating is three notches lower than the bank's B1 adjusted baseline credit assessment, high loss-given-failure for AT1 debt and the instrument's coupon skip mechanism, Moody's said.

The ratings also consider the moderate probability of affiliate support from UniCredit SpA, the agency said.

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