Fitch assigns Turkey Akbank's Eurobond 'BBB' final rating

Fitch Ratings has assigned Akbank T.A.S.'s five-year TRY1bn unsecured Eurobond issue a final rating of 'BBB'. The final rating is the same as the expected rating assigned on January 23, 2013. The notes are senior unsecured and rank equally with all of Akbank's...

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Fitch assigns Turkey Akbank's Eurobond 'BBB' final rating



Fitch - 06.02.2013

Fitch Ratings has assigned Akbank T.A.S.'s five-year TRY1bn unsecured Eurobond issue a final rating of 'BBB'. The final rating is the same as the expected rating assigned on January 23, 2013. 
The notes are senior unsecured and rank equally with all of Akbank's other senior unsecured_obligations. The notes are rated in line with Akbank's Long-term local currency Issuer Default Rating (IDR) of 'BBB'/Stable, which is driven by the bank's Viability Rating. 
Akbank is Turkey's third-largest private bank at end-Q312 with an 11.5% market share in assets. It is 49%-owned by Sabanci Holding, affiliated institutions and individuals and 9.9% by Citigroup. The rest of the shares are publicly traded. 
Akbank 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: '3'_Support Rating Floor: 'BB+'_Senior unsecured debt: 'BBB'.
Source: bne


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