Fitch rates Ziraat Basel tier 2 notes CCC+

Fitch Ratings said it gave Turkiye Cumhuriyeti Ziraat Bankasi AS' planned issue of Basel III-compliant tier 2 capital notes an expected CCC+ rating with an RR6 recovery rating. The expected maturity is 10 years.

“The subordinated notes are rated two notches below the bank's viability rating (VR) to reflect their subordinated status and Fitch's view of a high likelihood of poor recoveries in the event of default,” the agency said in a press release.

The outlook is positive.

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