Fitch Ratings has assigned Yapi ve Kredi Bankasi A.S.'s (YKB) upcoming issue of Eurobonds an expected 'BBB(exp)' rating.

The notes are senior unsecured and will rank equally with all of YKB's other senior unsecured obligations. The expected rating is in line with YKB's Long-term Foreign Currency Issuer Default Rating (IDR) of 'BBB'/Stable, which is driven by the bank's Viability Rating and also underpinned by potential support from UniCredit S.p.A. (UC, 'A-'/Negative). The total amount and final maturity of the issue are yet to be determined.

Yapi Kredi is Turkey's fourth-largest private bank at end-Q312 with a 9% market share in assets. It is 81.8%-owned by Koc Financial Services, which is ultimately a 50-50 joint venture between Koc Group and UC. The rest of the shares are publicly traded.

Yapi Kredi is currently rated as follows:
Long-term foreign and local currency IDR: 'BBB'/Stable
Short-term foreign and local currency IDR: 'F3',
National Long-term Rating: 'AAA(tur)'/Stable.
Viability Rating: 'bbb',
Support Rating: '2',
Senior unsecured debt: 'BBB'
Subordinated debt: 'BBB-'

Source: bne