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Rating Action:

Moody's concludes review on eight Turkish corporates

27 Sep 2016

Action follows the downgrade of the Turkish sovereign to Ba1

Frankfurt am Main, September 27, 2016 -- Moody's Investors Service has concluded its rating reviews on eight Turkish corporates.

The rating agency has confirmed the Baa3 issuer ratings of Koc Holding A.S. (Koc Holding), Ordu Yardimlasma Kurumu (OYAK), Coca-Cola Icecek A.S. (CCI), and Turkcell Iletisim Hizmetleri A.S. (Turkcell). The outlook on all ratings is stable.

The rating agency also confirmed the Baa3 issuer rating of Anadolu Efes Biracilik ve Malt Sanayii A.S. (Efes). The outlook on all ratings is negative.

Concurrently, Moody's confirmed the Ba1 corporate family ratings (CFR) and Ba1-PD probability of default ratings (PDR) of Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam) and Turkiye Petrol Rafinerileri A.S. (Tupras). The outlook on all ratings is stable.

The rating agency also confirmed the Ba1 CFR and Ba1-PD PDR of Dogus Holding A.S. (Dogus). The outlook on all ratings is negative.

The action follows the downgrade of Turkish government's debt rating to Ba1, with a stable outlook, from Baa3, under review for downgrade, on 23 September 2016. It concludes the review on the 8 Turkish corporates started on 20 July. For full details, please refer to the sovereign rating action press release:

https://www.moodys.com/research/--PR_354341

A complete list of rating actions can be found at the end of this press release.

RATINGS RATIONALE

-- CONFIRMATION OF Baa3 ISSUER RATINGS OF KOC HOLDING, OYAK, CCI AND TURKCELL WITH A STABLE OUTLOOK; AND EFES WITH A NEGATIVE OUTLOOK

Moody's has confirmed the ratings of Koc Holding, OYAK, CCI, Turkcell and Efes, which are now rated one notch above the sovereign of Turkey's bond rating of Ba1 and one notch below Turkey's foreign currency bond ceiling of Baa2. While these companies have strong financial profiles, they also have a high dependence on their Turkish operations for revenue and cash flow generation and as such their ratings cannot be rated by more than one notch above the sovereign rating of Turkey. Moody's notes that some of these corporates have international operations that materially contribute to cash flow generation, but the majority of these operations are in countries rated at or below the sovereign bond rating of Turkey.

KOC Holding and OYAK

Moody's has confirmed the Baa3 issuer ratings of Koc Holding and OYAK and has assigned stable outlooks while maintaining their ratings one notch above Turkey's government bond rating.

Koc Holding and OYAK are two investment holding companies, both with credit linkages and high exposure to the domestic operating environment in Turkey. However, Koc Holding and OYAK have diversified investment portfolios with a number of mature, dividend generating investments as well as exposure to export revenues. Examples of dividend paying investments include Ford Otosan (unrated) and Arcelik (unrated) for Koc Holding and Adana Cimento (unrated) and Aslan Cimento (unrated) for OYAK.

In addition, both these companies maintain strong financial flexibility and have a net cash position as of end-June 2016. Koc Holding at the holding level has about $2.1 billion of cash and $1.5 billion of borrowings while its intermediate holding company (EYAS) which owns shares in Tupras has only about TRY322 million ($110 million) of debt remaining. OYAK has about $3 billion of cash with no borrowings at the holding level but has $1.3 billion of debt at an intermediate holding company (ATAER) which holds the steel, chemical and automotive investments. In addition, Moody's anticipates that the forced retirement of a small portion of Turkey's military personnel will have a minimal strain on OYAK's liquidity, and we estimate that OYAK may have to pay retirement benefit rights to forced retirees an amount which is less than 5% of its cash balances.

CCI

Moody's has confirmed CCI's Baa3 rating, stable outlook, which is a combination of the company's standalone credit profile and one notch of rating uplift for bottler support. The one notch of rating uplift for bottler support is underpinned by the 20.1% equity stake in CCI held by The Coca-Cola Company (TCCC, Aa3 stable), the appointment of the Vice Chairman of the board and a bottler's agreement between the two entities. This agreement influences and impacts key items such as (1) the approval process for CCI's annual business plan; (2) concentrate purchases; and (3) consent solicitation for expansion. Moody's views CCI as a vehicle for TCCC to expand into emerging markets.

CCI's standalone rating factors CCI's (1) strong position in its domestic and international markets with a leading position in Turkey and across Central Asia (Azerbaijan, Kazakhstan, Turkmenistan) and a number two position in Iraq and Pakistan; (2) improving financial profile with leverage (debt/EBITDA) decreasing to 3.4x in the 12-month period ending June 2016 from 4.7x in December 2015, and interest coverage (EBIT/interest expense) increasing to 3.4x from 2.1x in the same period; and (3) strong liquidity profile underpinned by the company's strong cash balances and long-term maturity profile and its ability to generate positive FCF for the first time since 2012.

TURKCELL

Moody's confirmed Turkcell's Baa3 issuer rating, stable outlook, to reflect its very strong financial and liquidity profiles and the track record that the company has built over the last few years in running the business with a conservative financial profile. It also reflects (1) Turkcell's leadership position in the Turkish mobile telephony market, which Moody's expects will strengthen further following the award of 47% of total frequencies available as part of the 4.5G spectrum auction; (2) the strong fundamentals of the mobile sector in Turkey, driven by Turkey's young population and low smartphone penetration relative to other European peers; (3) Turkcell's conservative financial policies that the company continues to adhere to with a target of a net debt/EBITDA in the range of 1.0x-1.5x; and (4) Turkcell's ability to tap the debt capital markets and its strong relationships with international banks. Turkcell issued a 10-year $500 million bond in October 2015. The company also signed a number of bank facilities a number of international banks.

Turkcell's leverage remains very low despite the debt-funded 4.5G license (paid over the 2015-17 period) with a peak debt/EBITDA expected to remain below 1.6x in 2017, following which a deleveraging trend will occur.

Turkcell's liquidity profile is also very strong. The company has high cash balances of TRY3.8 billion (78% of which in USD and Euro) as of Q2 2016 and has a committed lines of Euro750 million.

EFES

Moody's confirmed Efes' Baa3 issuer rating, negative outlook, to reflect the company's strong liquidity profile and its ability to maintain positive free cash flow generation despite the adverse market conditions of its beer operations in both Turkey and Russia, the company's main areas of operations. Efes has a long debt maturity profile with the bulk of the debt maturing in 2022 (a $500 million bond) and substantial cash balances, mainly in hard currencies. Efes has also built a track record of successfully tapping the capital markets in 2012 and having strong banking relationships with local and international banks.

Furthermore, Efes' rating benefits from the 50.3% ownership stake in Coca-Cola Icecek (CCI), which as of June 2016 covered 2.1x of gross debt and 3.2x of net debt of Efes' beer operations. Moody's expects that improvements at CCI will support higher dividend payments to Efes and further strengthen Efes' free cash flow generation. Improvements at CCI will largely be the result of lower capex over the next two or three years after a period of higher spending between 2013-15 to expand production capacity. This will result in positive free cash flow (FCF) generation in 2016 for the first time since 2012.

The negative outlook reflects the pressures the company has been experiencing in its Turkish and Russian operations, given the continued decrease in volumes.

-- CONFIRMATION OF Ba1 CFR OF SISECAM AND TUPRAS; STABLE OUTLOOK

SISECAM

Moody's confirmed Sisecam's Ba1 CFR with a stable outlook to reflect its strong financial profile, with net debt/EBITDA averaging about 1.1x over the past five years. Sisecam has a strong competitive position in Turkey and also generates about half of its revenues from a mixture of exports and international operations.

While slower economic growth in Turkey will limit Sisecam's organic revenue and earnings growth in the next 1-2 years, Moody's expects that the company's credit profile will remain resilient in the current operating environment, given its leadership position in the domestic market, as well as its strong financial and liquidity positions.

TUPRAS

Moody's confirmed Turpas's Ba1 rating, stable outlook, to reflect the significant improvement in the company's financial profile, in line with Moody's assumptions for a Ba1 CFR, following the completion of its Residual Upgrade Program (RUP) in March 2015 and after a full year of operation. Debt/EBITDA decreased to 4.1x for the 12-month period to June 2016 from 10.2x as of December 2014, while retained cash flow (RCF)/debt increased to 16% from 0% in the same period.

Tupras' liquidity has also strengthened significantly following the completion of RUP and after benefitting from positive refining margins over the last 12 months. Funds from operations (FFO) increased more than nine-fold to TRY3.6 billion for the 12-month period ending June 2016 from TRY0.4 billion in 2014. While Moody's expects FFO generation to normalize to levels around TRY2.0 billion in 2016, the company's cash position as of June 2016 of TRY3.7 billion, along with the expected FFO will be more than sufficient to cover Turpras' debt maturities over the next 12 months, as well as its capex and dividend payments.

Tupras' Ba1 ratings also reflect the company's dominant position in the Turkish market, given that Tupras is the sole refinery in the country and secures domestic production and distribution of refined products.

-- CONFIRMATION OF Ba1 CFR OF DOGUS; NEGATIVE OUTLOOK

DOGUS

Moody's confirmed Dogus' Ba1 ratings with a negative outlook to reflects the rating agency's assessment that the company's credit profile is sensitive to slower economic growth in Turkey, particularly from the contraction in the country's tourism sector. This is in part because the company has in recent years made significant investments in expanding its tourism, restaurant and retail businesses through a mix of equity and debt funding. Moreover, while the company has been increasing its revenues and cash flows from international operations through investments in the hospitality and tourism sectors in Europe and the GCC, those investments are relatively smaller in scale compared to Dogus' operations in Turkey and hence do not yet contribute materially to Dogus cash flows.

The negative outlook also reflects the risk that the company's investment portfolio matures at a slower pace than originally anticipated when Moody's upgraded Dogus' ratings to Ba1 with a stable outlook in October 2015.

WHAT COULD CHANGE THE RATING UP/DOWN

Koc Holding

Given the credit linkages between the Koc group and the operating environment in Turkey, an upgrade of Koc Holding's rating is constrained by the government of Turkey's Ba1 rating. The company's rating could be upgraded if Turkey's sovereign rating is upgraded in combination with the Koc group continuing to display a strong financial profile including market value-based leverage (MVL) remaining below 25%.

Koc Holding's rating could come under negative pressure if Moody's expects that MVL will exceed 30% on a forward-looking basis, for instance as a result of a structural decline in the value of investments during a period of increased leverage and a weaker liquidity position.

Negative pressure on Turkey's sovereign rating could place downward pressure on Koc Holding's ratings.

OYAK

Given OYAK's close links with the Turkish economy and dependency on the economic base from which the investments generate income, OYAK's rating is constrained by the government of Turkey's Ba1 rating. There could be positive pressure on Oyak's rating if Turkey's sovereign bond rating is upgraded.

A weakening of the Turkish economy could impact the ability of its holdings to pay dividends in line with previous years. This could have implications for OYAK's FFO interest coverage ratio and, were the ratio to be sustained below 3.0x, Moody's could downgrade the rating. OYAK's rating could also come under pressure should cash flow distributions to members increase significantly and therefore weaken OYAK's liquidity profile.

Negative pressure on Turkey's sovereign rating could put downward pressure on OYAK's ratings.

CCI

An upgrade of CCI's standalone rating would require a reduction of credit metric volatility, which has been caused predominantly (but not exclusively) by foreign currency swings. Before considering upgrading the rating to investment grade on a standalone basis, Moody's would require evidence that CCI's refinancing risks were manageable (e.g., having access to committed facilities). A rating upgrade would also be dependent on (1) EBITA margins trending towards 15% on a sustainable basis; (2) RCF/net debt approaching 35%; and (3) debt/EBITDA remaining consistently below 2.8x.

Conversely, the rating agency could downgrade the rating if the company were to increase its pace of expansion and/or shareholder returns such that (1) EBITA margins were to fall below 10% for two consecutive fiscal years; (2) RCF/net debt were to fall to below the high 20s in percentage terms on a sustained basis; and (3) debt/EBITDA were sustained at above 3.5x. A reassessment of bottler support assumptions could also affect the rating and result in a downgrade.

TURKCELL

Given that more than 90% of Turkcell's cash flows are generated in Turkey, upward pressure will depend on an upgrade of Turkey's bond rating combined with Turkcell's strong financial profile including debt/EBITDA below 1.5x.

Turkcell's rating could come under negative pressure if the rating of the government of Turkey were to be downgraded, given the strong credit inter-linkages between Turkcell and the Turkish economy.

There could be also be negative pressure on Turkcell's rating if it increased its investment and acquisition plans or shareholder returns such that (1) RCF/debt ratio were to fall below 35%; (2) debt/EBITDA were to move above 2.0x (taking into account the company's liquidity profile); and (3) the (EBITDA - capex)/interest expense ratio were to fall below 5.0x on an persistent basis.

EFES

The outlook can be changed to stable should Efes' operating environment improve over the next 12 to 18 months, while the company continues to generate free cash flows.

Efes' ratings could be downgraded if, over the course of the next 12 months, the company's financial profile fails to improve -- such that the EBITA margin for its core beer operations (i.e., excluding the impact from consolidating CCI's financials, which Moody's deconsolidates) reaches double digit (%) levels, Debt/EBITDA is below 2.5x and EBIT/interest expense improves to above 4x. Any assessment at that time would also take into account the benefits of Efes' ownership stake in CCI as a counterbalancing factor.

Negative pressure on Turkey's and Russia's sovereign ratings could put downward pressure on Efes' ratings.

SISECAM

Positive rating pressure could build if Sisecam is able to improve its profitability with EBITDA margin above 20% and its cash flow coverage (as measured by free cash flow to debt) above 10% on a sustainable basis. Additionally, an upgrade would also require Sisecam to diversify and strengthen its geographical footprint so as to mitigate against event risks while maintaining debt/EBITDA below 2.5x.

Conversely, Sisecam could come under negative rating pressure if the group faces a structural decline in profitability with EBITDA margin below 15% while debt/EBITDA rises above 3.5x. Negative rating pressure could also occur should the group's liquidity deteriorate substantially, as an example, through a large acquisition.

TUPRAS

Upward pressure on the rating is likely if the company sustainably improves RCF/debt levels above 20%, EBIT/interest cover above 5.0x whilst maintaining debt/EBITDA below 2.5x.

Ratings could be downgraded if the company fails to maintain debt/EBITDA below 4.0x.

DOGUS

Given the negative outlook on Dogus' rating, an upgrade is unlikely. The rating is also constrained by an investment portfolio that has yet to mature to a level where Dogus regularly receives a diversified dividend income stream through its investments and subsidiaries. In addition, Moody's expectation would be for MVL to be below 20% and FFO interest coverage above 3.5x on a sustained basis.

The rating could be downgraded if MVL were to increase above 30% and FFO interest coverage were to remain below 2.5x. Weaker liquidity, particularly if holding level cash is less than upcoming debt maturities (assessed over a rolling 12-18 months forward-looking view) could also create negative rating pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Koc Holding A.S., Dogus Holding A.S. and Ordu Yardimlasma Kurumu (OYAK) was Investment Holding Companies and Conglomerates published in December 2015.

The principal methodology used in rating Turkiye Petrol Rafinerileri A.S. (Tupras) was Refining and Marketing Industry published in August 2015.

The principal methodology used in rating Coca-Cola Icecek A.S. was Global Soft Beverage Industry published in May 2013.

The principal methodology used in rating Turkcell Iletisim Hizmetleri A.S. was Global Telecommunications Industry published in December 2010.

The principal methodology used in rating Turkiye Sise ve Cam Fabrikalari A.S. was Global Manufacturing Companies published in July 2014.

The principal methodology used in rating Anadolu Efes Biracilik ve Malt Sanayii A.S. was Global Alcoholic Beverage Industry published in October 2013.

Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

Koc Holding

Founded in 1926, Koc group is one of Turkey's most prominent business groups, with investments in various sectors including energy, automotive, consumer durables and finance. Koc Holding A.S. was established in 1963 to house and centrally manage the group's diverse investment portfolio. The Koc family members directly and indirectly own 68.5% of the holding company while another 22.2% is listed on Borsa Istanbul.

As of the 12-month period ended 30 June 2016, Koc Holding reported consolidated revenues of TRY68.5 billion ($23.7 billion) and an operating profit of TRY6.9 billion ($2.4 billion).

OYAK

OYAK, based in Ankara/Turkey, is the private top-up pension fund for Turkish military personnel, and is governed by its own laws and run by professionals. As a mutual assistance organisation, its purpose is to provide permanent members with retirement, death and pension benefits, and to make personal loans. OYAK functions as an additional pillar to the state pension system. OYAK's investments cover a broad range of industries including iron and steel, cement and concrete, automotive and logistics, energy, financial services, and chemicals and pharmaceuticals. As of fiscal year-end (FYE) 2015, OYAK reported total consolidated assets of TRY51.6 billion.

CCI

CCI, headquartered in Istanbul, Turkey, is the fifth-largest independent bottler in the Coca-Cola system as measured by sales volume. The company has 25 production facilities, of which 10 are based throughout Turkey and the remainder in Central Asia, Pakistan and the Middle East. CCI is listed on the Borsa Istanbul and has a market capitalisation of TRY9.8 billion ($3.3 billion) as of 23 September 2016. The group generated sales of TRY6.9 billion ($2.4 billion) for the 12-month period ended 30 June 2016. 50.3% of CCI's capital is owned by Efes and 20.1% by The Coca Cola Company (TCCC, Aa3 stable). Efes and TCCC hold Class A and B shares in CCI respectively. These shares provide Efes and TCCC with special rights, such as nominating a Chairman and Vice Chairman, as well as certain share put rights in conjunction with changes of control or the termination of the bottler's agreement between CCI and TCCC.

TURKCELL

Turkcell, headquartered in Istanbul, Turkey and established in 1993, started operations as a mobile telephony service provider in Turkey in 1994 and acquired a 25-year GSM license in 1998; a 20-year 3G license granted in April 2009; and a 4.5G license effective for 13 years until April 30, 2029. Today Turkcell is an integrated communication and technology service provider in Turkey. The company shares its domestic market with two other players and captures 36% of the total telephony market and close to half (47% as of December 2015) of the mobile subscribers. Over the years it has expanded into Eastern European and Central Asian countries where it is active in eight countries, plus Northern Cyprus.

In 2015, the company reported revenues of TRY12.8 billion, adjusted EBITDA of TRY5.4 billion, total reported debt of TRY4.2 billion and cash and cash equivalents of TRY2.9 billion. Major shareholders (directly and indirectly) are TeliaSonera (38.0%; Baa1 stable), Cukurova Holdings (13.8%) and Alfa Telecom (13.2%) with the remainder being the free float.

EFES

Efes is Turkey's leading beer producer with close to 70% market share. Russia is Efes' largest market in terms of volume, with the percentage of volumes from Russian operations increasing substantially following the acquisition of SABMiller Plc's (A3 downgrade review) operations in Russia. Efes' remaining international operations are based in Kazakhstan, Ukraine, Moldova and Georgia. Efes also owns 50.3% of the capital of CCI, Turkey's leading soft drink producer whose geographical reach includes other Middle Eastern and Central Asian countries.

Efes, headquartered in Istanbul/Turkey, for the 12-month period ended 30 June 2016 reported consolidated group sales of TRY10.2 billion (around $3.5 billion), including TRY3.2 billion around $1.1 billion) in beer sales.

SISECAM

Founded in 1935, Sisecam is a Turkish industrial manufacturer of glass products as well as soda ash and chromium-based chemicals. Sisecam has four business segments operating through its core subsidiaries, namely Trakya Cam Sanayii A.S. (flat glass), Pasabahce Cam Sanayii ve Tic A.S. (glassware), Anadolu Cam Sanayii A.S. (glass packaging) and Soda Sanayii A.S. (chemicals). Over the past decade, the group has been increasing its geographical footprint in Eastern Europe and CIS as part of its growth strategy. Sisecam is 72% owned by Turkiye Is Bankasi A.S., with an additional 28% listed on Borsa Istanbul.

As of the 12-month period ended 30 June 2016, Sisecam reported consolidated revenues of TRY7.9 billion and an operating profit of TRY898 million with sales from its international manufacturing facilities constituting about a quarter of total revenues.

TUPRAS

Tupras is the sole refiner in Turkey, with a dominant position in the domestic petroleum product market. The refining business consists of one very high complexity refinery in Izmit, two medium complexity refineries located in Izmir and Kirikkale and one simple refinery in Batman, with a combined annual crude processing capacity of 28.1 million tonnes. Other core companies include (1) a 40% effective ownership stake in Opet, Turkey's second-largest oil-products distribution company as of July 2016, with 1,480 stations operating under the Opet and Sunpet brands; and (2) an 80% stake in Ditas, a shipping company which primarily serves Tupras's logistic needs.

The company was established in 1983 when various state-owned refineries were combined under the Tupras name. As part of the privatisation process, 2.5% of its shares were publicly floated in 1991, which had increased to 49% by 2005. The company was fully privatised on 26 January 2006 when the remaining 51% stake was bought by EYAS, a special purpose vehicle owned by a consortium led by Koc Holding, one of the largest business groups in Turkey.

Headquartered in Korfez/Turkey, Tupras generated sales of TRY34.0 billion and had a Moody's adjusted operating profit of TRY2.6 billion for the last twelve months ending 30 June 2016.

DOGUS

Headquartered in Istanbul, Turkey, Dogus Holding A.S. is an investment holding company owned by the Sahenk family. It comprises more than 200 companies, which are active in eight sectors: financial services, automotive, construction, media, tourism & services, real estate, food & entertainment and energy. The company's main activities are tied to the Turkish economy, but Dogus is aiming to create regional leaders in their respective industries. As of year-end 2015, Dogus Holding reported consolidated assets of TRY29.4 billion and revenue of TRY14.8 billion.

LIST OF AFFECTED RATINGS:

Confirmations:

..Issuer: Anadolu Efes Biracilik ve Malt Sanayii A.S.

.... Issuer Rating, Confirmed at Baa3

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Coca-Cola Icecek A.S.

.... Issuer Rating, Confirmed at Baa3

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Dogus Holding A.S.

.... Corporate Family Rating, Confirmed at Ba1

.... Probability of Default Rating, Confirmed at Ba1-PD

..Issuer: Koc Holding A.S.

.... Issuer Rating, Confirmed at Baa3

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Ordu Yardimlasma Kurumu (OYAK)

.... Issuer Rating, Confirmed at Baa3

..Issuer: Turkcell Iletisim Hizmetleri A.S.

.... Issuer Rating, Confirmed at Baa3

....Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

..Issuer: Turkiye Petrol Rafinerileri A.S. (Tupras)

.... Corporate Family Rating, Confirmed at Ba1

.... Probability of Default Rating, Confirmed at Ba1-PD

....Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

..Issuer: Turkiye Sise ve Cam Fabrikalari A.S.

.... Corporate Family Rating, Confirmed at Ba1

.... Probability of Default Rating, Confirmed at Ba1-PD

....Senior Unsecured Regular Bond/Debenture, Confirmed at Ba1

Outlook Actions:

..Issuer: Anadolu Efes Biracilik ve Malt Sanayii A.S.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Coca-Cola Icecek A.S.

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Dogus Holding A.S.

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Koc Holding A.S.

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Ordu Yardimlasma Kurumu (OYAK)

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Turkcell Iletisim Hizmetleri A.S.

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Turkiye Petrol Rafinerileri A.S. (Tupras)

....Outlook, Changed To Stable From Rating Under Review

..Issuer: Turkiye Sise ve Cam Fabrikalari A.S.

....Outlook, Changed To Stable From Rating Under Review

The local market analyst for Koc Holding A.S. and Turkiye Sise ve Cam Fabrikalari A.S. ratings is Rehan Akbar, AVP-Analyst, Corporate Finance Group, Telephone: 9714-237-9565.

The local market analyst for Coca-Cola Icecek A.S., Anadolu Efes Biracilik ve Malt Sanayii A.S., Turkcell Iletisim Hizmetleri A.S. and Turkiye Petrol Rafinerileri A.S. (Tupras) ratings is Julien Haddad, Analyst, Corporate Finance Group, Telephone: 9714-237-9539.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The relevant office for each credit rating is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the Website.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Stanislas Duquesnoy
VP - Senior Credit Officer
Corporate Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
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David G. Staples
MD - Corporate Finance
Corporate Finance Group
Telephone: 00971 4237 9536

Releasing Office:
Moody's Deutschland GmbH
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Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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