In a year when investors have a seemingly zealous appetite for Turkish deals, VakifBank has tapped the market with a $200 million diversified payment rights transaction led by West LB, marking the second of its kind from the bank in just seven months.

Fitch Ratings has provided a triple-B rating to the deal, piercing the single-B sovereign ceiling. "The reason we were able to rate this triple-B even though the sovereign is currently rated at single-B level was because these flows were trapped offshore and because of our perception of the underlying strength of the bank and its importance to the financial system," said an analyst at Fitch Ratings.

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