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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,
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in each case where the transaction structure and terms have not changed
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the lead rating analyst and to the Moody's legal entity that has
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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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