Frankfurt am Main, March 20, 2012 -- Moody's Investors Service has today placed on review for downgrade the
Baa1 and Baa2 ratings of 46 tranches in six Turkish future receivables
transactions (including two Credit Card Vouchers (CCV) and four Diversified
Payment Rights (DPR) transactions). At the same time, Moody's
has placed on review for downgrade the underlying ratings of 26 tranches
wrapped by financial guarantors.
RATINGS RATIONALE
Today's rating announcement follows Moody's recent decision to review
for downgrade the global local-currency (GLC) long-term
issuer and deposit ratings of several Turkish banks including Akbank TAS,
Denizbank A.S., Turkiye Garanti Bankasi AS and Turkiye
Is Bankasi AS, which are the originators of the six Turkish future
receivables transactions.
The placement of the Turkish banks on downgrade review reflects Moody's
revised assessment of the linkage between the credit profiles of sovereigns
and financial institutions globally, which is further discussed
in the rating implementation guidance titled "How Sovereign Credit Quality
May Affect Other Ratings" published on 13 February 2012. For more
details, please refer to the press release "Moody's reviews
Turkish banks' local currency issuer and deposit ratings for downgrade",
published on 16 March 2012. Under Moody's rating methodology,
and in the absence of any transaction-specific concerns,
the rating assigned to a future receivables transaction (CCV and DPR)
is linked to the local currency rating of the originator.
The tranches benefiting from a financial guarantee provided by Assured
Guaranty Corp, Assured Guaranty Municipal Corp or Assured Guaranty
(Europe) Ltd. (Aa3, not on watch) remain unaffected as the
guarantor' rating is higher than the underlying rating of the notes.
The list of affected CCV transactions and originators is as follows:
- AK Receivables Corporation, originated by Akbank TAS (Baa1
GLC deposit rating, on review for downgrade)
- TIB Card Receivables Funding Company, originated by Turkiye
Is Bankasi AS (Baa2 GLC deposit rating, on review for downgrade)
The list of affected DPR transactions and originators is as follows:
- AKbank A.R.T.S. LTD.,
originated by Akbank TAS (Baa1 GLC deposit rating, on review for
downgrade)
- DFS Funding Corporation, originated by Denizbank A.S.
(Baa2 GLC deposit rating, on review for downgrade)
- Garanti Diversified Payment Rights Finance Company, originated
by Turkiye Garanti Bankasi AS (Baa1 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)
Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF279766
for the complete list of affected ratings and underlying ratings.
This list is an integral part of this press release and identifies each
affected issuer.
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. Moody's expects to conclude its review of the
affected transactions in conjunction with the review on the ratings for
the respective originators.
PRINCIPAL METHODOLOGY
The principal methodology used in rating the CCV transactions was "Moody's
Approach to Rating Obligations Backed by Future International Credit and
Debit Card Merchant Voucher Receivables", published in June
2009. The principal methodology used in rating the DPR transactions
was "Moody's Approach to Rating Diversified Payment Rights Securitisations",
published in March 2009. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides relevant 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 relevant 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 relevant 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.
The ratings have been disclosed to the rated entities or their designated
agent(s) and issued with no amendment resulting from that disclosure.
Information sources used to prepare each of the ratings are the following:
parties involved in the ratings, public information, and confidential
and proprietary Moody's Investors Service information.
Moody's considers the quality of information available on the rated
entities, obligations or credits satisfactory for the purposes of
issuing these reviews.
Moody's adopts all necessary measures so that the information it
uses in assigning the ratings 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.
Moody's Investors Service may have provided Ancillary or Other Permissible
Service(s) to the rated entities or their related third parties within
the two years preceding the credit rating action. Please see the
special report "Ancillary or other permissible services provided
to entities rated by MIS's EU credit rating agencies" on the
ratings disclosure page on our website www.moodys.com for
further information.
Please see the ratings disclosure page on www.moodys.com
for general disclosure on potential conflicts of interests.
Please see the ratings disclosure page on www.moodys.com
for information on (A) MCO's major shareholders (above 5%)
and for (B) further information regarding certain affiliations that may
exist between directors of MCO and rated entities as well as (C) the names
of entities that hold ratings from MIS that have also publicly reported
to the SEC an ownership interest in MCO of more than 5%.
A member of the board of directors of this rated entity may also be a
member of the board of directors of a shareholder of Moody's Corporation;
however, Moody's has not independently verified this matter.
Please see Moody's Rating Symbols and Definitions on the Rating
Process page on www.moodys.com for further information on
the meaning of each rating category and the definition of default and
recovery.
Please see ratings tab on the issuer/entity page on www.moodys.com
for the last rating action and the rating history. The date on
which some ratings were first released goes back to a time before Moody's
ratings were fully digitized and accurate data may not be available.
Consequently, Moody's provides a date that it believes is
the most reliable and accurate based on the information that is available
to it. Please see the ratings disclosure page on our website www.moodys.com
for further information.
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.
Yuezhen Wang
Associate Analyst
Structured Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Carole Gintz
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's reviews for downgrade six Turkish future receivables transactions