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Announcement:

Moody's reviews for downgrade six Turkish future receivables transactions

20 Mar 2012

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
No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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