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Announcement:

Moody's changes the outlook on foreign-currency ratings of 17 Turkish Banks to positive from stable

Global Credit Research - 07 Oct 2010

Frankfurt am Main, October 07, 2010 -- Moody's Investors Service has today changed the outlook to positive from stable on the Ba3 foreign-currency deposit ratings of 16 Turkish banks, the outlook on the Ba1 issuer rating of Export Credit Bank of Turkey and the outlook on the Ba1 foreign-currency senior unsecured debt rating of Akbank TAS' Eurobond issuance.

These outlook changes are the direct result of Moody's decision on 5 October 2010 to change the outlook to positive from stable on Turkey's Ba3 country ceiling for foreign-currency deposits and Ba1 country ceiling for foreign-currency debt. The foreign-currency deposit ratings of all 16 rated banks, the issuer rating of Export Credit Bank of Turkey and the senior unsecured debt rating of the Akbank's Eurobond are constrained by the current ceilings for these deposits and debts in Turkey.

LIST OF AFFECTED RATINGS

The following rating outlooks are affected:

(i) Akbank TAS: the outlook on the Ba3 long-term foreign-currency deposit rating and the Ba1 long-term foreign-currency senior unsecured debt rating to the Eurobond issuance was changed to positive from stable.

(ii) Anadolubank AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(iii) Asya Katilim Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(iv) Bankpozitif Kredi ve Kalkinma Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(v) Denizbank AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(vi) Eurobank Tekfen AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(vii) Finansbank AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(viii) HSBC Bank AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(ix) T.C. Ziraat Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(x) Turk Ekonomi Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(xi) Turkiye Garanti Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(xii) Turkiye Halk Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(xiii) Turkiye Is Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(xiv) Turkiye Sinai Kalkinma Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(xv) Turkiye Vakiflar Bankasi TAO: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(xvi) Yapi ve Kredi Bankasi AS: the outlook on the Ba3 long-term foreign-currency deposit rating was changed to positive from stable.

(xvii) Export Credit Bank of Turkey AS: the outlook on the Ba1 issuer rating was changed to positive from stable.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

The last rating action on Akbank TAS was implemented on 22 July 2010, when Moody's Investors Service has assigned a foreign-currency senior unsecured debt rating of Ba1 to Akbank's Eurobond issuance. Its other ratings were unaffected.

The last rating action on Anadolubank AS was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1with a stable outlook. The Ba1/NP global local-currency (GLC) ratings were affirmed with a stable outlook.

The last rating action on Asya Katilim Bankasi AS was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Ba2/NP GLC deposit ratings and the A3.tr /TR-1 national scale ratings were affirmed with a stable outlook.

The last rating action on Bankpozitif AS was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa3/P-3 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Denizbank AS was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa2/P-2 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Eurobank Tekfen AS was implemented on 7 May 2010, when the outlook on its long-term (GLC) deposit rating was downgraded to Ba2 from Ba1 and maintained a negative outlook on the rating . Its other ratings were unaffected.

The last rating action on Finansbank AS was implemented on 4 May 2010, when the long-term GLC deposit rating was downgraded to Baa2 from Baa1 with a stable outlook. Its other ratings were not affected.

The last rating action on HSBC Bank AS was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The A3/P-2 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on T.C. Ziraat Bankasi AS was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa3/P-3 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Turk Ekonomi Bankasi AS was implemented on 8 January 2010, when its the long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa2/P-2 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Turkiye Garanti Bankasi AS was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa1/P-2 GLC deposit ratings and the Aa1.tr/TR1 national scale ratings were affirmed with a stable outlook.

The last rating action on Turkiye Halk Bankasi AS was implemented on 8 January 2010, when the long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa3/P-3 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Turkiye Is Bankasi AS was implemented on 8 January 2010, the long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa2/P-2 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Turkiye Sinai Kalkinma Bankasi AS was implemented on 8 January 2010, when the long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa2/P-2 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Turkiye Vakiflar Bankasi TAO was implemented on 8 January 2010, when its long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa3/P-3 GLC deposit ratings were affirmed with a stable outlook.

The last rating action on Yapi ve Kredi Bankasi AS was implemented on 8 January 2010, when its the long-term foreign-currency deposit rating was upgraded to Ba3 from B1 with a stable outlook. The Baa1/P-2 GLC deposit ratings and the Aa2.tr/TR1 national scale ratings were affirmed with a stable outlook.

The last rating action on Export Credit Bank of Turkey AS was implemented on 3 August 2010, when its issuer rating was affirmed with a stable outlook.

The principal methodologies used in rating Turkish banks are "Bank Financial Strength Ratings: Global Methodology" and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology", which can be found on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating the Turkish banking system can also be found in the Rating Methodologies sub-directory on Moody's website.

T.C Ziraat Bankasi AS, Turkiye Halk Bankasi AS, Turkiye Vakiflar Bankasi TAO and Export Credit Bank of Turkey AS are headquartered in Ankara, Turkey. All the other banks are headquartered in Istanbul, Turkey.

Akbank TAS had total assets of TRY102.4billion (US$67.8 billion) under IFRS at the end of December 2009.

Anadolubank AS had total assets of TRY4.6 billion (US$3.0 billion) under IFRS at the end of December 2009.

Asya Katilim Bankasi AS had total assets of TRY11.5 billion (US$7.6 billion) under IFRS at the end of December 2009.

Bankpozitif Kredit ve Kalkinma Bankasi AS had total assets of TRY1.6 billion (US$1.0 billion) under IFRS at the end of December 2009.

Denizbank AS had total assets of TRY25.9 billion (US$17.2 billion) under BRSA at the end of December 2009.

Eurobank Tekfen had total assets of TRY4.0 billion (US$2.7 billion) under BRSA at the end of December 2009.

Finansbank had total assets of TRY30.8 billion (US$19.6 billion) under IFRS at the end of December 2009.

HSBC Bank AS had total assets of TRY13.9 billion (US$9.2 billion) under IFRS at the end of December 2009.

T.C. Ziraat Bankasi AS had total assets of TRY124.6 billion (US$82.5 billion) under BRSA at the end of December 2009.

Turk Ekonomi Bankasi AS had total assets of TRY17.0 billion (US$11.2 billion) under IFRS at the end of December 2009.

Turkiye Garanti Bankasi AS had total assets of TRY115.6 billion (US$76.57 billion) under IFRS at the end of December 2009.

Turkiye Halk Bankasi AS had total assets of TRY60.8 billion (US$40.3 billion) under IFRS at the end of December 2009.

Turkiye Is Bankasi AS had total assets of TRY113.1 billion (US$75.1 billion) under IFRS at the end of December 2009.

Turkiye Sinai Kalkinma Bankasi AS had total assets of TRY7.2 billion (US$4.7 billion) under IFRS at the end of December 2009.

Turkiye Vakiflar Bankasi TAO had total assets of TRY67.0 billion (US$44.4 billion) under IFRS at the end of December 2009.

Yapi ve Kredi Bankasi AS had total assets of TRY71.0 billion (US$47.0 billion) under IFRS at the end of December 2009.

Export Credit Bank of Turkey had total assets of TRY6.4 billion (US$4.2 billion) under IFRS at the end of December 2009.

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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Frankfurt am Main 60322
Germany

Moody's changes the outlook on foreign-currency ratings of 17 Turkish Banks to positive from stable
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