Ratings

FITCH RATINGS	Rating	Outlook
Long Term Foreign Currency	B-	Stable
Long Term Local Currency	B	Stable
Short Term Foreign Currency	B
Short Term Local Currency	B
Viability Rating	b
Govern Support	ns
National Long Term	A+ (tur)	Stable
Senior Unsecured Debt	B-

MOODY’S	Rating	Outlook
Long Term Foreign Currency Deposit	B3	Stable
Long Term Local Currency Deposit	B3	Stable
Short Term Foreign Currency Deposit	Not Prime
Short Term Local Currency Deposit	Not Prime
National Scale Rating	Baa2.tr
Senior Unsecured Debt	B3	Stable

2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009

22 September 2023: Fitch

On 8 September 2023, International Rating Agency Fitch has revised up Türkiye’s Outlook to “Stable” from “Negative” while affirming the long-term foreign and local currency rating at "B". Following the change, on 22 September 2023, the rating agency has revised up Yapı ve Kredi Bank's Outlook to “Stable” from “Negative” and affirmed the long-term foreign and local currency ratings at “B-“ and “B”, respectively.

24 February 2023: Fitch

On 24 February 2023, International Rating Agency Fitch Ratings has affirmed Yapı ve Kredi Bank's Long Term Foreign Currency IDR at "B-" and Long-term Local Currency IDR at "B" maintaining the "Negative" outlook.

16 August 2022: Moody’s

On 12 August 2022, International Rating Agency Moody's revised Turkey's long-term foreign currency rating from "B2" to "B3" and the outlook from "Negative" to "Stable. Following this change, on 16 August 2022, the rating agency revised Yapı ve Kredi Bank's long-term foreign currency deposit and senior unsecured debt rating from "B2" to "B3" and the outlook from "Negative" to "Stable".

26 July 2022: Fitch

On 8 July 2021, International Rating Agency Fitch Ratings revised Turkey's Long-Term Foreign Currency IDR from "B+" to "B" maintaining "Negative" outlook. Following this change, on 26 July 2022, the rating agency revised Yapı ve Kredi Bank's Long Term Foreign Currency IDR from "B" to "B-", Long-term Local Currency IDR from "B+" to "B", Sub-debt rating from "B-" to "CCC+" maintaining the "Negative" outlook.

31 March 2022: Fitch

On 31 March 2022, International Rating Agency Fitch Ratings has affirmed Yapi ve Kredi Bankasi A.S.'s (YKB) Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B' with a Negative Outlook.

25 February 2022: Fitch

On 11 February 2022, International Rating Agency Fitch Ratings revised Turkey's Long-Term Foreign Currency IDR to "B+" from "BB-" and affirmed the "Negative" outlook. Following the change, on 25 February 2022, the rating agency revised Yapı ve Kredi Bankası's Long-Term Foreign Currency IDR to "B" from "B+" and affirmed "Negative" outlook.

10 December 2021: Fitch

On 2 December 2021, International Rating Agency Fitch Ratings revised Turkey's Long-Term Local Currency IDR outlook to "Negative" from "Stable" and affirmed the Long-Term Local Currency IDRs at "BB-". Following the change, on 10 December 2021, the rating agency revised Yapı ve Kredi Bankası's Long-Term Local Currency IDR outlook to "Negative" from "Stable", maintaining the B+ rating.

5 May 2021: Fitch

International Rating Agency Fitch Ratings affirmed all the ratings and rating outlooks of Yapı ve Kredi Bankası.

26 February 2021: Fitch

On 19 February 2021, International Rating Agency Fitch Ratings revised Turkey's Long-Term IDR outlook to "Stable" from "Negative". Following the change, on 26 February 2021, the rating agency revised Yapı ve Kredi Bankası's Long-Term Local Currency Issuer Default Rating outlook to "Stable" from "Negative", maintaining the B+ rating.

10 December 2020: Moody’s

On 10 December 2020 following the change in its foreign currency country ceiling methodology, international rating agency Moody’s upgraded Yapı ve Kredi Bankası’s Long Term Foreign Currency Bank Deposit Rating to “B2” from “Caa1” maintaining the “Negative” Outlook. All other ratings maintained at the recent levels.

15 September 2020: Moody’s

On 15 September 2020 Moody’s downgraded ratings of 13 Turkish banks including Yapı ve Kredi Bankası, while maintaining the negative outlook. Accordingly, Moody’s downgraded Long Term Foreign Currency Bank Deposits rating of Yapı ve Kredi Bankası from B3 to Caa1. Additionally, Moody’s revised the Bank’s Long Term Counterparty Foreign Risk Rating from B1 to B2, Long Term Counterparty Domestic Risk Rating from B1 to B2 and Counterparty Risk Assessment rating from B1(cr) to B2(cr).

1 September 2020: Fitch

On 21 August 2020, International Rating Agency Fitch Ratings revised Turkey's Long-Term IDR outlook to "Negative" from "Stable". Following the change, on 1 September 2020, while maintaining all ratings unchanged, the rating agency revised Yapı ve Kredi Bankası's Long-Term Local Currency Issuer Default Rating outlook to "Negative" from "Stable".

19 May 2020: Fitch

On 19 May 2020, International Rating Agency Fitch Ratings has affirmed Yapı ve Kredi Bankası’s Long Term FC rating at B+ and the Negative Outlook. The Rating Agency, on the other hand, revised down the Support Rating from 4 to 5 and according to the new criteria Subordinated Debt Rating from B to B-. All other ratings and outlook have been affirmed.

13 December 2019: Fitch

On 13 December 2019, international rating agency Fitch Ratings revised Yapı ve Kredi Bankası's outlook to Negative from Stable and affirmed the Bank's Long-Term Foreign Currency Issuer Default Rating at 'B+'. At the same time, Fitch Ratings has downgraded the Bank's Long-Term Local Currency Issuer Default Rating to 'B+' from 'BB-'. The Outlook on the LTLC IDR is Stable. The rating actions were taken follow the announcement by UniCredit's plan to reduce its stake in Yapı ve Kredi Bankası as part of the group's capital- optimisation strategy.

12 November 2019: Fitch

On 1 November 2019, International Rating Agency Fitch Ratings upgraded Turkey's sovereign outlook to Stable from Negative. Following the revision, on 12 November 2019 Fitch Ratings also revised the outlooks of 20 Turkish financial institutions, including Yapı ve Kredi Bankası. Accordingly, the rating agency revised Yapı Kredi's rating outlooks to Stable from Negative, while affirming the related ratings.

19 July 2019: Fitch

On 12 July 2019, International Rating Agency Fitch Ratings has downgraded Turkey’s Sovereign rating from “BB” to “BB-” while maintaining the outlook at “Negative”. Following the downgrade, on 19 July 2019 Fitch Ratings also downgraded ratings of 14 Turkish financial institutions, including Yapı ve Kredi Bankası. Accordingly, the rating agency downgraded Yapı ve Kredi Bankası’s Long-term Foreign Currency Issuer Default Rating to “B+“ from “BB-”, Long Term Local Currency Issuer Default Rating to “BB-“ from “BB”, Support Rating to “4” from “3”, Senior Unsecured Long Term Debt Rating to “B+” from “BB-“ and Subordinated Debt Rating to “B” from “B+”, maintaining Viability Rating at “b+”. On the other hand, Short Term Foreign and Local Currency Issuer Default Ratings were affirmed, at ”B”.

20 June 2019: Fitch

On 20 June 2019, International Rating Agency Fitch Ratings has affirmed all ratings of Yapı ve Kredi Bankası, maintaining the outlook as “Negative”.

18 June 2019: Moody’s

On 14 June 2019, International Rating Agency Moody's has downgraded Turkey's senior unsecured bond rating from”Ba3” to “B1” and foreign currency deposit ceiling from “B2” to “B3”. Following the downgrade of Turkey's rating, on 18 June 2019, Moody’s has downgraded ratings of 18 Turkish banks, including Yapı ve Kredi Bankası. Accordingly, the rating agency downgraded Yapı ve Kredi Bankası's Long-term Foreign Currency Deposit rating from “B2” to “B3”, Long-term TL Deposit rating from “B1” to “B2”, Baseline Credit Assessment rating from “b2” to “b3”, Adjusted Baseline Credit Assessment rating from “b1” to “b2”, Senior Unsecured Regular Bond/Debenture (Foreign Currency) rating from “B1” to “B2” and Senior Unsecured Medium-Term Note Program (Local and Foreign Currency) from “(P)B1” to “(P)B2”, maintaining the outlook as “Negative”. The Bank’s Short-term ratings and national ratings were affirmed.

1 October 2018: Fitch

On 1 October 2018, International rating agency Fitch has revised some of the ratings of Yapı ve Kredi Bankası, along with 20 Turkish banks. Accordingly, the rating agency downgraded the Long Term Foreign Currency Issuer Default Rating of the bank to "BB-" from "BB", Long Term Local Currency Issuer Default Rating to "BB" from "BB+", National Long Term Rating to "AA" from "AAA", Viability Rating to "b+" from "bb-" and Long Term Subordinated Debt Rating to "B+" from "BB-". Fitch maintained the Negative outlook for the Bank. The rating agency, on the other hand, affirmed the bank’s Short Term Foreign and Local Currency Issuer Default Ratings and Support Rating of Yapı ve Kredi Bankası.

26 September 2018: Moody’s

On 24 September 2018, International Rating Agency Moody's has downgraded Turkey's foreign currency deposit ceiling from “B1” to “B2”. Following the downgrade of Turkey's rating, on 26 September 2018, Moody’s has downgraded ratings of 9 Turkish banks, including Yapı ve Kredi Bankası. Accordingly, the rating agency downgraded Yapı ve Kredi Bankası's Long-term Foreign Currency Deposit rating from "B1" to "B2" setting the outlook as "Negative", while maintaining all the remaining rating scales.

28 August 2018: Moody’s

On 17 August 2018, International Rating Agency Moody’s has downgraded Turkey’s Sovereign rating from “Ba2” to “Ba3” and changed the outlook to “Negative”. Following the Downgrade of Turkey’s Sovereign rating, on 28 August 2018 Moody’s has downgraded ratings of 18 Turkish financial institutions, including Yapı ve Kredi Bankası. Acordingly, the rating agency downgraded Yapı ve Kredi Bankası’s Long-term Foreign Currency and Local Currency Deposit ratings from “Ba3” to “B1” setting the outlook as “Negative”. On the other hand, Moody’s confirmed the Short-term National Scale rating at “TR-1”.

17 August 2018: S&P

On 17 August 2018, International Rating Agency Standard & Poor's (S&P) has downgraded Turkey's Sovereign rating from "BB-" to "B+" while maintaining the outlook at "Stable". Following the Downgrade of Turkey's Sovereign rating, S&P announced that, they now assess Turkey's Banking Industry Country Risk Assessment (BICRA) as being in Group 9. Therefore, the rating agency has revised down Turkish bank's anchor to "b+" from "bb" and this led to downward revision of six Turkish Financial Instutions' rating including Yapı ve Kredi Bankası A.Ş., on the same day. As a result, the rating agency, lowered Yapı ve Kredi Bankası's Long-Term Issuer Credit Rating from "BB-" to "B+", Long-Term Turkey National Scale Rating from "trAA" to "trA+", while maintaining all the remaining rating scales. S&P maintained the Bank's outlook at "Stable".

20 July 2018: Fitch

Fitch Ratings affirmed Yapı ve Kredi Bankası A.Ş.'s National Long Term Rating as "AAA(tur)" and National Long Term Rating Outlook as "Stable".

On 20 July 2018, international rating agency Fitch announced that, following the rating downgrade Turkish government's sovereign ratings on 13 July 2018, the rating agency downgrades 24 Turkish financial institutions Ratings, while removing from Rating Watch Negative, Fitch revised the outlook to Negative. Accordingly, Fitch revised the ratings of Yapı Kredi as; Long-term FC IDR downgraded to "BB/Negative" from "BBB-"; off Rating Watch Negative; Long-term Local Currency IDR: downgraded to "BB+/Negative" from "BBB-/Stable"; Short-term IDR downgraded to "B" from "F3", off Rating Watch Negative; Short-term Local Currency IDR downgraded to "B" from "F3"; Viability Rating downgraded to "bb-" from "bb+", off Rating Watch Negative Support Rating downgraded to "3" from "2", off Rating Watch Negative; Senior Unsecured Debt Rating downgraded to "BB" from "BBB-", off Rating Watch Negative; Senior Unsecured Short-term Debt Rating downgraded to "B" from "F3", off Rating Watch Negative; Subordinated Debt Rating downgraded to "BB-" from "BB+", off Rating Watch Negative.

7 June 2018: Moody’s

On 7 June 2018, international rating agency Moody's announced that, following the placement of Turkish government's rating under negative review for downgrade on 1 June 2018, it has downgraded ratings of 17 Turkish financial institutions and placed the ratings for negative review for downgrades. Accordingly, the rating agency downgraded Yapı Kredi's Long-term Local Currency Deposits, Baseline Credit Assessment, Adjusted Baseline Credit Assessment, Long term National Scale rating and Senior Unsecured rating by one notch and placed under review for further downgrade, also placing the Long-term Foreign Currency (Ba3) and Short-term National Scale rating (TR-1) on review for downgrade. The rating agency affirmed Yapı Kredi's Short-term ratings.

1 June 2018: Fitch

International rating agency Fitch's announced that, it has affirmed Yapı Kredi's long-term and short-term LC IDRs, as "BBB-" and "F3", respectively. Additionaly, Fitch has affirmed National Long Term Rating as "AAA(tur)". Nonetheless, Fitch has placed the Bank's long-term FC IDR : "BBB-"; short-term FC IDR: "F3"; viability rating "bb+"; support rating: "2"; senior unsecured notes "BBB-" / "F3" and subordinated notes "BB+" on "Rating Watch Negative".

4 May 2018: S&P

On 1 May 2018, international Rating Agency Standard & Poor's (S&P) has downgraded Turkey’s Sovereign rating note from “BB” to “BB-” while upgrading the outlook from “Negative” to “Stable”. Following the Downgrade of Turkey’s Sovereign rating, S&P also revised six Turkish Banks’ rating including Yapı ve Kredi Bankası A.Ş.. The rating agency, lowered Yapı ve Kredi Bankası’s Long-Term Issuer Credit Rating from “BB” to “BB-“, Long-Term Turkey National Scale Rating from “trAA-” to “trA+”, while maintaining all the remaining rating scales. In accordance with the change in the Sovereign outlook, S&P upgraded the Bank’s outlook from “Negative” to “Stable”.

9 March 2018: Moody’s

International rating agency Moody's announced that, following the downgrade of Turkish government's debt rating to Ba2 from Ba1 on 7 March 2018, it has downgraded the long-term debt and deposit ratings of 14 Turkish financial institutions on 9 March 2018. Accordingly, the foreign currency long-term debt and local currency deposit ratings of Yapı Kredi were downgraded to Ba2 from Ba1, while maintaining the negative outlook. The Bank's long-term foreign currency deposit rating was downgraded to Ba3 from Ba2. The Baseline Credit Assessment (BCA) was downgraded to ba3 from ba2.

20 March 2017: Moody’s

International rating agency Moody’s revised Turkish government's debt rating outlook to “Negative” from “Stable” on 17 March 2017. Accordingly, Moody’s also revised Yapı Kredi’s outlook to “Negative” from “Stable” on 20 March 2017. The rating agency affirmed the Bank’s Foreign Currency Long-term Debt and Local Currency Deposit ratings at Ba1, Foreign Currency Deposit rating at Ba2 and Baseline Credit Assesment(BCA) at ba2.

2 February 2017: Fitch

Following the downgrade of the sovereign on 27 January 2017, Fitch revised Yapı ve Kredi Bankası A.Ş.’s ratings. Long-Term Foreign Currency IDR and Long-Term Local Currency IDR downgraded to 'BBB-' from 'BBB'; outlook revised to Stable from Negative. New ratings are still investment grade. Short-Term Foreign Currency and Local Currency IDRs downgraded to 'F3' from 'F2'. Viability Rating downgraded to 'bb+' from 'bbb-'. Support Rating affirmed at '2'. National Long-Term Rating affirmed at 'AAA(tur)' and outlook as Stable. Senior unsecured long term debt downgraded to 'BBB-' from 'BBB'. Senior unsecured short term debt downgraded to 'F3' from 'F2'. Subordinated debt rating downgraded to "BB+" from "BBB-".

31 January 2017: S&P

International rating agency Standard & Poor's announced that, following the downgrade of Turkey's credit rating outlook on 27 January 2017 to "Negative" from "Stable", it has also downgraded the credit rating outlooks on 5 Turkish financial institutions, including Yapı ve Kredi Bankası A.Ş, to "Negative" from "Stable". Standard&Poors lowered Yapı ve Kredi Bankası A.Ş.'s Long-Term Turkey National Scale Rating to "trAA-" from "trAA" while affirming Bank's all other credit ratings.

9 November 2016: S&P

International rating agency Standard & Poor’s announced that, following the upgrade of Turkish government's debt rating outlook to “Stable” from “Negative” on 4 November 2016, it has upgraded YKB’s outlook to "Stable" from "Negative". Accordingly, on 9 November 2016, long-term Turkey national scale rating of Yapı Kredi was upgraded to trAA from trAA-.

27 September 2016: Moody’s

International rating agency Moody's announced that, following the downgrade of Turkish government's debt rating to Ba1 from Baa3 on 23 September 2016, it has downgraded the long-term debt and deposit ratings of 14 Turkish financial institutions. Accordingly, the foreign currency long-term debt and local currency deposit ratings of Yapı Kredi were downgraded to Ba1 from Baa3, with a stable outlook. The Bank's foreign currency deposit rating was downgraded to Ba2 from Baa3 . The Baseline Credit Assessment (BCA) was downgraded to ba2 from ba1. The Bank's short term local and foreign currency deposit ratings were downgraded to Not-Prime from P-3.

22 July 2016: S&P

Standard & Poor's downgraded Turkey’s sovereign rating and outlook from “BB+” to “BB” and outlook from “Stable” to “Negative” respectively on 20 July 2016, folowing to failed coup attempt on July 15. In line with Turkey’s sovereign rating and outlook downgrade, Standard & Poor's downgraded Yapı Kredi’s Long term Local/Foreign currency rating and Short term Local/Foreign currency rating from “BB+” to “BB” and from “B+” to “B” respectively. In addition, Yapı Kredi’s National Long Term Local Currency rating was downgraded from “trAA+” to “trAA-“ and outlook to “negative” from “stable”.

11 May 2016: Moody's

Moody's recalibrated Turkey's national rating scale and accordingly repositioned national scale ratings (NSR) for Yapı Kredi. The repositioned national scale rating does not signify a change in credit risk.

10 May 2016: S&P

Standard & Poor's revised Yapı Kredi's outlook to "Stable" from "Negative" based on an upward revision on Turkey's outlook to "Stable". Standard & Poors affirmed Yapı Kredi's Long Term Foreign Currency and Local Currency ratings at BB+, National Long Term Local Currency rating at trAA+ and National Short Term Local Currency rating at trA-1.

31 March 2016: Fitch

Fitch revised YKB's outlook to "Negative" from "Stable" based on an action taken on UniCredit's rating outlook on 24 March 2016, and affirmed YKB's BBB FC and LC Long-term ratings.

7 April 2015: Fitch

Fitch revised YKB's outlook to "Stable" from "Negative" based on an action taken on UniCredit's ratings on 1 April 2015, and affirmed YKB's BBB FC and LC Long-term ratings.

24 June 2014: Fitch

Fitch affirmed YKB's BBB FC and LC Long-term ratings, outlook revised to "Negative" from "Stable". Viability Rating of YKB (VR) downgraded to "bbb-" from "bbb".

03 June 2014: Moody's

Rating Outlook changed to "Negative" from "Stable" after Moody's placed Turkish banks including Yapı Kredi on "review of downgrade" due to challenging operating environment. Accordingly, Yapı Kredi's Long Term Foreign Currency Deposit, Long Term Local Currency Deposit, Financial Strength and Senior Unsecured Debt outlook changed to "Negative" from "Stable". All ratings remained unchanged.

28 March 2014: Moody's

Following the downgrade of UniCredit's baseline credit assessment (BCA) rating by 1 notch to "ba1", Yapı Kredi lost 1 notch parental support as UniCredit's BCA level is the same as Yapı Kredi's. Accordingly, Long Term Local Currency Deposit rating was downgraded to "Baa3" from "Baa2", National Scale rating was downgraded to "A1.tr" from "Aa3.tr" and Senior Unsecured Debt rating was downgraded to "Baa3" from "Baa2".

24 March 2014: Moody's

Moody's placed 10 Turkish banks including Yapı Kredi on "review of downgrade" due to challenging operating environment. Accordingly, Yapı Kredi's Long Term Foreign Currency Deposit outlook changed from "Stable" to "Rating Watch Negative". In addition, Long Term Local Currency Deposit, Financial Strength and Senior Unsecured Debt outlook changed from "Negative" to "Rating Watch Negative".

11 February 2014: S&P

Rating outlook changed to "Negative" from "Stable" following the Turkish sovereign outlook change to "Negative" from "Stable" on 7 February 2014.

20 May 2013: Moody's

Long Term FC Deposit rating upgraded to "Baa3" from "Ba2" and Short Term FC Deposit rating upgraded to "Prime-3" from "Not Prime" following Moody's decision to upgrade Turkey's government bond rating to Baa3, stable outlook on 16 May 2013.

2 May 2013: Moody's

Financial Strength rating outlook changed to "Negative" from "Stable".

05 April 2013: S&P

Long term FC Counterparty rating upgraded to BB+ from BB following S&P's decision to upgrade Turkey's sovereign rating to BB+ from BB.

Long term Credit rating on Turkish national scale upgraded to trAA+ from trAA.

14 December 2012: Fitch

Fitch upgraded YKB's viability rating to BBB (1 notch above investment grade) from BBB- (investment grade) and revised outlook (on long term FC rating, LC rating and national long term rating) to "Stable" from "Negative".

13 November 2012: Fitch

Fitch upgraded YKB's Long Term FC Issuer Default rating and senior unsecured debt rating to BBB (1 notch above investment grade) from BBB- (investment grade) and revised outlook (on long term FC rating and national long term rating) to "Negative" from "Stable" due to the "Negative" outlook on UniCredit.

3 July 2012: Moody's

Long Term FC Deposit rating upgraded to "Ba2" from "Ba3" following Moody's decision to increase its ceiling for foreign currency deposit ratings of private Turkish issuers following the sovereign upgrade on 20 June 2012. Outlook changed to "Stable" from "positive".

Long Term LC Deposit outlook changed to "Negative" from "negative watch".

Short Term LC Deposit rating downgraded to "Prime-3" from "Prime-2" due to change in long-term local currency deposit rating outlook to negative driven by parental support.

National Scale Rating downgraded by one notch to Aa3.tr from Aa2.tr as this rating maps directly from the banks' local currency deposit ratings.

4 May 2012: S&P

Rating outlook changed to "Stable" from "Positive" following the Turkish sovereign outlook change to "Stable" from "Positive" on 1 May 2012.

8 February 2012: Fitch

Long Term LC Issuer Default rating outlook changed to "Negative" from "Rating Watch Negative" following the affirmation of UniCredit SpA's Long-term IDR at 'A-' with a Negative Outlook.

22 December 2011: Fitch

Long Term LC Issuer Default outlook changed to "Rating Watch Negative" from "Stable" following the downward revision of UniCredit's long-term IDR to "A-" from "A", and the short-term IDR to "F2" from "F1" , because of Fitch's downgrade of Italy.

28 November 2011: Fitch

LC and FC Issuer Default outlook changed to "Stable" from "Positive" following the Turkish sovereign outlook change to "Stable" from "Positive" on 24 November 2011.

16 November 2011: Moody's

Local Currency Deposit Ratings were placed under review for a downgrade since Unicredit's financial strength rating is also under review, as Yapi Kredi's current rating incorporates a one-notch rating uplift due to parental support.

National Scale Rating was placed under review for a downgrade as it maps directly from the bank's local currency deposit rating on Turkey's long-term national rating scale.

6 October 2011: Moody's

Long Term LC Deposit rating downgraded to "Baa2" from "Baa1" following the downgrade of UniCredit's Bank Financial Strength Rating (BFSR) from C to C- due to the incorporation of parental support from UniCredit on YKB's Long Term LC deposit rating.

28 April 2011: Fitch

Individual rating upgraded to C from C/D.

1 December 2010: Fitch

LC and FC Issuer Default outlook changed to "Positive" from "Stable" following the Turkish sovereign outlook change to "Positive" from "Stable" on 24 November 2010.

7 October 2010: Moody's

Long Term FC Deposit rating outlook changed from "Stable" to "Positive" following the Turkish sovereign outlook change to "Positive" from "Stable" on 5 October 2010.

22 February 2010: S&P

Long term FC Counterparty rating upgraded to BB from BB-. Rating outlook also changed from "Stable" to "Positive" following the Turkish sovereign outlook change to "Positive" from "Stable" on 19 February 2010.

Long term credit rating on the Turkish scale changed to" trAA" from "trA+".

8 January 2010: Moody's

Long Term FC Deposit rating upgraded to "Ba3" from "B1".

Long Term FC Deposit outlook changed from "Positive" to "Stable" following the Turkish sovereign outlook change to "Stable" from "Positive" on 08 January 2010.

11 December 2009: Fitch

Long Term FC Issuer Default rating upgraded to "BBB-" from "BB".

Long Term FC Issuer Default outlook changed to "Stable" from "RWP: rating watch positive" following the Turkish sovereign outlook change to "Stable" from "RWP".

Short Term LC Issuer Default rating upgraded to "F3" from "B".

Long Term LC Issuer Default rating upgraded from "BBB-" to "BBB".

Support Rating upgraded to "2" from "3".

9 November 2009: Moody's

Long Term Local Currency Deposit rating downgraded to "Baa1" from "A3".

National Scale rating downgraded to "Aa2.tr" from "Aaa.tr".

23 September 2009: S&P

Long term FC Counterparty rating outlook changed from "negative" to "stable" on 23 September 2009 following the Turkish sovereign outlook change to "stable" from "negative" on 17 September 2009.

3 August 2009: Moody's

Financial Strength Rating outlook changed from "positive" to "stable".