(The following statement was released by the rating agency)
Oct 11 - Fitch Ratings has assigned Turkiye Is Bankasi A.S.'s (Isbank) upcoming USD issue of subordinated notes an expected 'BB+(EXP)' rating.
Isbank has a Long-term foreign and local currency Issuer Default Rating (IDR) of 'BBB-'/Stable, a Short-term foreign and local currency IDR of 'F3', Viability Rating of 'bbb-', Support Rating of '3', Support Rating Floor of 'BB' and a National Long-term rating of 'AAA(tur)'/Stable.
Isbank is the largest bank in Turkey with a 14% share in assets and a broad and diversified franchise. Isbank Group is a financial conglomerate, where Isbank is the main financial body. The bank is 40.73% owned by the Isbank Pension Fund and 31.18% is broadly held at end-H112. A 28.09% stake (commonly known as the Ataturk shares) is held by the Republican People's Party.
For all of Fitch's Eurozone Crisis commentary go to