OREANDA-NEWS. Fitch Ratings has assigned Turkiye Sinai Kalkinma Bankasi A.S.'s (TSKB) new USD350m senior unsecured notes issue a final Long-Term rating of 'BBB-'.

The final rating is in line with the expected rating Fitch assigned to the notes on 9 April 2015 (see "Fitch Assigns TSKB's Expected Notes 'BBB-(EXP)'" at www.fitchratings.com).

KEY RATING DRIVERS
The rating is in line with TSKB's Long-Term Issuer Default Rating (IDR) of 'BBB-'. The bank's IDRs in turn reflect its policy role and are based on a high probability of support, if required, from the Turkish government.

TSKB is 50%-owned by the group of Turkiye Is Bankasi A.S. (BBB-/Stable) and performs a public mission, defined in its statute, of attracting foreign capital investments to Turkey and participating in the development of the country's capital markets.

RATING SENSITIVITIES
As the issue is rated in line with TSKB's Long-term IDR, the rating is primarily sensitive to changes to the IDR. TSKB's IDRs are sensitive to a change in Turkey's sovereign ratings (BBB-/Stable) and also to a large reduction in the level of state-guaranteed debt or an erosion of its policy role, either of which Fitch would consider as a reduction in the state's commitment to TSKB, and therefore potentially an indication of a reduced propensity to provide support, in case of need. However, this is not Fitch's base case.

TSKB's other ratings are unaffected by this action, and are as follows:
Long-term IDR: 'BBB-'; Outlook Stable
Short-term IDR: 'F3'
Local currency Long-Term IDR: 'BBB'; Outlook Stable
Local currency Short-Term IDR: 'F3'
Support Rating: '2'
Support Rating Floor: 'BBB-'
National Long-term Rating: 'AAA(tur)'; Outlook Stable.