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Rating Action:

Moody's reviews for downgrade 6 Turkish ABS future receivables transactions

27 Mar 2014

Madrid, March 27, 2014 -- Moody's Investors Service has today placed on review for downgrade the Baa2 and Baa3 ratings of 34 tranches in six Turkish future receivables transactions (diversified payment rights (DPR) transactions). Concurrently, Moody's has placed on review for downgrade the underlying ratings of all tranches wrapped by financial guarantors, and affirmed the ratings of three tranches with guarantors rated above the underlying rating of the notes.

The review placements reflect Moody's decision to place on review for downgrade the global local-currency (GLC) ratings of the six Turkish banks that have originated the securitised receivables.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF361270 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

- Principal Methodology used

- Lead analyst

- Person Approving Credit Rating

- Releasing office

RATINGS RATIONALE

Today's rating announcement follows Moody's recent decision to review for downgrade GLC long-term issuer and deposit ratings of several Turkish banks including those that are the originators of the six Turkish future receivables transactions:

1. Akbank TAS (Baa2 GLC rating on review for downgrade, standalone bank financial strength rating (BFSR) D+/ baseline credit assessment (BCA) baa3)

2. Denizbank A.S. (Baa3 GLC on review for downgrade, BFSR D+ on review for downgrade/BCA ba1)

3. Turkiye Garanti Bankasi AS (Baa2 GLC on review for downgrade, BFSR D+/BCA baa3),

4. Turkiye Vakiflar Bankasi TAO (Baa2 GLC on review for downgrade, BFSR D+ on review for downgrade/BCA ba1)

5. Yapi ve Kredi Bankasi AS (Baa2 GLC on review for downgrade, BFSR D+ on review for downgrade/BCA ba1); and

6. Turkiye Is Bankasi AS (Baa2 GLC on review for downgrade, BFSR D+ /BCA baa3)

The placement of the Turkish banks on downgrade review reflects the pressures on the standalone credit strength of the institutions and Moody's evolving views on the level of systemic support that it believes should be incorporated in the senior ratings. For more details, please refer to the press release "Moody's reviews for downgrade the ratings of 10 Turkish banks", published on 18 March 2014 and "Moody's reviews for downgrade the ratings of Denizbank A.S." on 20 March 2014.

Under Moody's rating methodology, and in the absence of any transaction specific concerns, the rating assigned to a future receivables transaction is linked to the originator's local-currency rating.

The three tranches benefiting from a financial guarantee provided by Assured Guaranty Corp (A3) and Assured Guaranty Municipal Corp (A2) have been affirmed as the guarantor rating is higher than the underlying rating of the notes (Baa2 on review for downgrade).

Given the direct linkage between the affected transaction and the originating banks, Moody's expects to conclude its review of the affected transactions in conjunction with the review on the ratings for the respective originators.

Factors that would lead to an upgrade or downgrade of the ratings:

The notes ratings may be upgraded or downgraded as a consequence of the guarantors' or originators' ratings downgrade or upgrade.

The list of affected DPR transactions and originators is as follows:

- AKbank A.R.T.S. LTD., originated by Akbank TAS (Baa2 GLC deposit rating, on review for downgrade)

- DFS Funding Corporation, originated by Denizbank A.S. (Baa3 GLC deposit rating, on review for downgrade)

- Garanti Diversified Payment Rights Finance Company, originated by Turkiye Garanti Bankasi AS (Baa2 GLC deposit rating, on review for downgrade)

- TIB Diversified Payment Rights Finance Company, originated by Turkiye Is Bankasi AS (Baa2 GLC deposit rating, on review for downgrade)

- VB DPR Finance Company, originated by Turkiye Vakiflar Bankasi TAO (Baa2 GLC deposit rating, on review for downgrade)

- Yapi Kredi Diversified Payment Rights Finance Company, originated by Yapi ve Kredi Bankasi AS (Baa2 GLC deposit rating, on review for downgrade)

No key assumptions, factors and sensitivity analysis have been conducted as the ratings of the notes are directly linked to the GLC rating of the originator.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Moody's did not use any stress scenario simulations in its analysis.

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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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 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.

Antonio Tena
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carole Gintz
Senior Vice President/Manager
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Ludovic Thebault
Analyst
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews for downgrade 6 Turkish ABS future receivables transactions
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