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Rating Action:

Moody's rates Ba1 Akbank's USD1 billion senior notes

22 Jul 2010

Frankfurt, July 22, 2010 -- Moody's Investors Service has assigned a foreign currency senior unsecured debt rating of Ba1 to the Eurobond issuance (the notes),with US$1,000,000,000 principal amount with 5 year maturity, by Akbank T.A.S. (Akbank). The outlook on the rating is stable.

This is Akbank's first debt issuance and it is being offered under 144A -- DTC, Regulation S. The terms and conditions of the notes include (amongst other things) a negative pledge and a cross-default clause. The notes are unconditional, unsubordinated and unsecured obligations and will rank pari passu with all Akbank's other senior unsecured obligations. The rating of the notes is in line with Akbank's senior unsecured foreign currency debt rating.

Global local deposit rating and foreign currency deposit rating of Akbank A.S. are Baa1, and Ba3 respectively, while the Turkish government bond rating is Ba2. All ratings have stable outlook. The higher foreign currency debt rating of Ba1, compared to the bank's foreign currency deposit rating and Turkish government bond rating reflects Moody's opinion of the lower probability that a government would resort to a moratorium (of any sort) on external payments of all issuers domiciled within the country in the event the government itself defaults on its foreign currency debt obligation. Foreign currency debt ratings are subject to the foreign currency bond ceiling. As a result, even though Akbank's global local currency (GLC) deposit rating of Baa1 is higher than the foreign currency bond ceiling for Turkey, Akbank's foreign currency senior unsecured debt rating is constrained by and thus equal to this ceiling.

On the other hand the lower foreign currency deposit rating reflects the risk that a freeze on foreign-currency bank deposits is more likely to be imposed in the event of a government bond default than a generalized moratorium. As a result, the lower foreign-currency deposits rating is constrained by the Turkish government bond rating of Ba2 and the evaluation of foreign currency deposit freeze risk at time of stress, which is reflected by the Ba3 foreign currency country ceiling for deposits for Turkey. The foreign currency deposit rating is constrained by this foreign currency deposit ceiling.

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. A downgrade of the foreign currency bond ceiling or a downgrade of the Akbank'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.

A rating is not a recommendation to purchase, sell or invest in any securities.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

Moody's previous rating action on Akbank was on 5 July 2010 when it assigned a provisional foreign currency senior unsecured debt rating of (P) Ba1.

The principal methodologies used were Moody's "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), and are available 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 these issuers can also be found in the Rating Methodologies sub-directory on Moody's website.

Akbank is headquartered in Istanbul, Turkey, and at the end of December 2009 had total assets of US$67.8 billion.

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

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

Moody's rates Ba1 Akbank's USD1 billion senior notes
No Related Data.
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