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Rating Action:

Moody's assigns (P)Ba1 rating to Turkiye Is Bankasi's proposed Eurobond issuance (Turkey)

04 Nov 2010

Frankfurt am Main, November 04, 2010 -- Moody's Investors Service has today assigned a provisional (P)Ba1 foreign-currency senior unsecured debt rating to Turkiye Is Bankasi A.S. ("Isbank"). The outlook on the rating is positive.

This is Isbank's first debt issuance and its is being offered in reliance upon Rule 144A under the U.S. Securities Act of 1933, as amended (the Securities Act) and Regulation S under the Securities Act. The notes that will be issued in reliance upon Rule 144A will settle and clear through the Depository Trust Company (DTC). The terms and conditions of the notes include (amongst other factors) a negative pledge and a cross-default clause. The notes will be unconditional, unsubordinated and unsecured obligations and will rank pari passu with all of Isbank's other senior unsecured obligations. The rating of the notes and any subsequent foreign-currency senior unsecured bonds issued is in line with Isbank's senior unsecured foreign-currency debt rating.

RATINGS RATIONALE

Moody's foreign-currency debt ratings for an issuer are determined by the foreign-currency bond ceiling assigned to the country in which the issuer is based. As a result, even though Isbank's global local-currency (GLC) deposit rating of Baa2 is higher than the foreign-currency bond ceiling for Turkey, Isbank's foreign-currency senior unsecured debt rating is constrained by and thus equal to this ceiling.

Moody's notes that Isbank's foreign-currency debt rating is higher than its Ba3 foreign-currency deposit rating, since the foreign-currency deposit rating is constrained by the lower Ba3 foreign-currency deposit ceiling for Turkey. The higher foreign-currency debt rating is primarily driven by the evaluation of the moratorium risk on foreign-debt liabilities for the country's private sector. The lower foreign-currency deposits rating is constrained by the Turkish government bond rating of Ba2 and Moody's assessment of the risk of a foreign-currency deposit freeze during times of stress.

An upgrade of the foreign-currency bond ceiling would result in an upgrade of the rating of the notes, since it is constrained by its applicable ceiling. Likewise, a downgrade of the foreign-currency bond ceiling -- or a downgrade of Isbank's GLC deposit rating below that of the foreign-currency bond ceiling for Turkey -- would result in a downgrade of the rating of the notes.

The rating of the notes is provisional and represents Moody's preliminary opinion only. Upon a conclusive review of the documentation for the proposed debt issuance, Moody's will endeavour to assign a definitive rating to the notes. A definitive rating may differ from a provisional rating. A rating is not a recommendation to purchase, sell or invest in any securities.

The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007.

Moody's previous rating action on Isbank was implemented on 7 October 2010 when the rating agency changed the outlook on the Ba3 long-term foreign-currency deposit rating to positive from stable. Prior to that, Moody's had upgraded the bank's foreign-currency deposit rating to Ba3 from B1 on 8 January 2010.

Headquartered in Istanbul, Turkey, Isbank reported total assets of USD75.1 billion at the end of December 2009.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

The rating has been disclosed to the rated entity or its designated agents and issued with no amendment resulting from that disclosure.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

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Frankfurt am Main
Arif Bekiroglu
Analyst
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt am Main
Carola Schuler
MD - Banking
Financial Institutions Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Deutschland GmbH
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Moody's assigns (P)Ba1 rating to Turkiye Is Bankasi's proposed Eurobond issuance (Turkey)
No Related Data.
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