How To Rate A Bank In Turkstan

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1 Istanbul- May 29, 2013 Companies and institutions with upgraded international FC and LC credit ratings Due to the upgrading of Turkey's Sovereign Rating, the international FC and international LC notes of 47 companies and institutions have been upgraded by JCR Eurasia Rating. In addition, outlooks have been revised for some institutions. 1) Akdeniz İnşaat ve Eğitim Hizmetleri A.Ş.(Ağaoğlu Group) 2) Şeker Finansal Kiralama A.Ş. 3) Akdeniz Faktoring Hizmetleri A.Ş. 4) Prime Faktoring Hizmetleri A.Ş. 5) DERİNDERE Turizm Otomotiv San.Tic. A.Ş. 6) Şeker Mortgage Finansman A.Ş. 7) Bimeks Bilgi İşlem ve Dış Ticaret A.Ş. 8) Albaraka Türk Katılım Bankası A.Ş. 9) Beyaz Filo Oto Kiralama A.Ş. 10) Integral Menkul Degerler A.S. 11) Başer Faktoring A.Ş. 12) Reysaş Gayrimenkul Yatırım Ortaklığı 13) Gedik Yatırım Menkul KıymetlerA.Ş and Subsidiaries 14) Atılım Faktoring A.Ş. 15) Ulusal Faktoring A.Ş. 16) Aynes Gıda Sanayi ve Ticaret A.Ş. 17) Medical Park Sağlık Hizmetleri A.Ş.. 18) Uşak Seramik Sanayi A.Ş. 19) Global Yatırım Holding A.Ş. 20) Net Holding A.Ş. 21) Bilkent Holding A.Ş. 22) Ihlas Holding A.Ş. and its Group Companies 23) Metro Ticari ve Mali Yatırımlar Holding A.Ş. 24) Martı Otel İşletmeleri A.Ş. 25) Segure Insurance Ltd. 26) Creditwest Bank Ltd. 27) Creditwest Insurance Ltd 28) Destek Faktoring A.Ş. 29) Türkiye Halk Bankası A.Ş. 30) Global Liman İşletmeleri A.Ş. 31) T.C. Ziraat Bankası A.Ş. 32) Şekerbank T.A.Ş. 33) Aktif Yatırım Bankası A.Ş. 34) Eko Faktoring A.Ş. 35) Kent Faktoring A.Ş. 36) Creditwest Faktoring Hizmetleri A.Ş. 37) ESCAR TURIZM TAŞIMACILIK TICARET A.Ş. (Central Fleet Services) 38) Türkiye Garanti Bankası A.Ş. 39) Vakıf Finansal Kiralama A.Ş.. 40) IFM ISTANBUL FINANS MERKEZI INŞAAT TAAHHÜT A.Ş..- Real Estate Certificates 41) AKTIF BANK Sukuk Varlık Kiralama A.Ş. Sukuk 42) AKTIF YATIRIM BANKASI A.Ş. (5) No.lu Emek Varlık Finansman Fonu 43) AKTIF YATIRIM BANKASI A.Ş. (4) No.lu Emek Varlık Finansman Fonu 44) AKTIF YATIRIM BANKASI A.Ş. (1) No lu Fleetcorp Katılım Varlık Finansmanı Fonu 45) AKTIF YATIRIM BANKASI A.Ş. (3) No.lu Emek Varlık Finansman Fonu 46) AKTIF YATIRIM BANKASI A.Ş. (2) No.lu Emek Varlık Finansman Fonu 47) AKTIF YATIRIM BANKASI A.Ş. (1) No.lu Varlık Finansman Fonu

2 1) Akdeniz İnşaat ve Eğitim Hizmetleri A.Ş.(Ağaoğlu Group) Akdeniz İnşaat ve Eğitim Hizmetleri Istanbul May 16, 2013 A.Ş.(Ağaoğlu Grubu) Long Term International Local Currency BB /(Stable Outlook) BBB - /(Stable Outlook) Long Term National Local Rating BBB+ (Trk) /(Positive Outlook) BBB+ (Trk) /(Positive Outlook) Short Term International Foreign Currency B /(Stable Outlook) A- 3 /(Stable Outlook) Short Term National Local Rating A-2 (Trk)/(Positive Outlook) A-2 (Trk)/(Positive Outlook) 2) Şeker Finansal Kiralama A.Ş. Şeker Finansal Kiralama A.Ş. Istanbul May 16, 2013 Long Term National Local Rating A- (Trk) / (Stable Outlook) A- (Trk) / (Stable Outlook) 3) Akdeniz Faktoring Hizmetleri A.Ş. Akdeniz Faktoring Hizmetleri A.Ş. Istanbul May 15, 2013 Long Term National Local Rating BBB- (Trk) / (Positive Outlook) BBB- (Trk) / (Positive Outlook) Short Term National Local Rating A-3 (Trk) / (Positive Outlook) A-3 (Trk) / (Positive Outlook) 4) Prime Faktoring Hizmetleri A.Ş. Istanbul May 7, 2013 Prime Faktoring Hizmetleri A.Ş.. Long Term National Local Rating A (Trk) / (Positive Outlook) A (Trk) / (Positive Outlook)

3 5) DERİNDERE Turizm Otomotiv San.Tic. A.Ş. DERİNDERE Turizm Otomotiv Istanbul May 3, 2013 Long Term San.Tic. International A.Ş. Foreign Currency BB /(Stable Outlook) BBB - /(Stable Outlook) Long Term International. Local Currency BB /(Positive Outlook) BBB - /(Stable Outlook) Long Term National Local Rating BBB+ (Trk) /(Stable Outlook) BBB+ (Trk) /(Stable Outlook) Short Term National Local Rating A-3 (Trk)/(Positive Outlook) A-3 (Trk)/(Positive Outlook) 6) Şeker Mortgage Finansman A.Ş. Şeker Mortgage Finansman A.Ş. Istanbul April 30, 2013 Long Term National Local Rating A (Trk) / (Stable Outlook) A (Trk) / (Stable Outlook) Short Term International Foreign Currency B / (Positive Outlook) A - 3 / (Stable Outlook) Short Term International Local Currency B / (Positive Outlook) A - 3 / (Stable Outlook) Short Term National Local Rating A-1 (Trk) / (Positive Outlook) A-1 (Trk) / (Positive Outlook) 7) Bimeks Bilgi İşlem ve Dış Ticaret A.Ş. Bimeks Bilgi İşlem ve Dış Ticaret A.Ş. Istanbul April 26, 2013 Long Term International Local Currency BB /(Positive Outlook) BBB - /(Stable Outlook) Long Term National Local Rating BBB+ (Trk) /(Stable Outlook) BBB+ (Trk) /(Stable Outlook) Short Term National Local Rating A-2 (Trk)/(Positive Outlook) A-2 (Trk)/(Positive Outlook) 8) Albaraka Türk Katılım Bankası A.Ş. Albaraka Türk Katılım Bankası A.Ş. Istanbul April 15, 2013 Long Term International Foreign Currency BB+ /(Stable Outlook) BBB - /(Stable Outlook) Long Term International Local Currency BB+ /(Stable Outlook) BBB - /(Stable Outlook) Long Term National Local Rating AA(Trk) /(Stable Outlook) AA(Trk) /(Stable Outlook) Short Term National Local Rating A-1+(Trk)/(Stable Outlook) A-1+(Trk)/(Stable Outlook)

4 9) Beyaz Filo Oto Kiralama A.Ş. Beyaz Filo Oto Kiralama A.Ş. Istanbul April 11, 2013 Long Term International Foreign Currency BB- /(Stable Outlook) BB + /(Stable Outlook) Long Term International Local Currency BB /(Stable Outlook) BB + /(Stable Outlook) Long Term National Local Rating BBB- (Trk) /(Stable Outlook) BBB- (Trk) /(Stable Outlook) Short Term International Foreign Currency B /(Stable Outlook) B /(Stable Outlook) Short Term International Local Currency B /(Stable Outlook) B /(Stable Outlook) Short Term National Local Rating A-3 (Trk)/(Stable Outlook) A-3 (Trk)/(Stable Outlook) 10) Integral Menkul Degerler A.S. Integral Menkul Degerler A.S Istanbul April 9, 2013 Long Term National Local Rating A- (Trk) / (Stable Outlook) A- (Trk) / (Stable Outlook) 11) Başer Faktoring A.Ş. Başer Faktoring A.Ş. Istanbul March 29, 2013 Long Term National Local Rating A (Trk) / (Stable Outlook) A (Trk) / (Stable Outlook) 12) Reysaş Gayrimenkul Yatırım Ortaklığı Reysaş Gayrimenkul Yatırım Ortaklığı Istanbul March 14, 2013 Long Term National Local Rating A+ (Trk) / (Stable Outlook) A+ (Trk) / (Stable Outlook)

5 13) Gedik Yatırım Menkul Kıymetler A.Ş and Subsidiaries Gedik Yatırım Menkul Kıymetler A.Ş and Subsidiaries Istanbul March 6, 2013 Long Term International Local Currency BB / (Stable Outlook) BBB - / (Stable Outlook) Long Term National Local Rating AA- (Trk) / (Stable Outlook) AA- (Trk) / (Stable Outlook) Short Term National Local Rating A-1+ (Trk) / (Stable Outlook) A-1+ (Trk) / (Stable Outlook) 14) Atılım Faktoring A.Ş. Atılım Faktoring A.Ş. Istanbul February 28, 2013 Long Term National Local Rating A- (Trk) / (Stable Outlook) A- (Trk) / (Stable Outlook) 15) Ulusal Faktoring A.Ş. Ulusal Faktoring A.Ş. Istanbul February 27, 2013 Long Term National Local Rating A+ (Trk) / (Stable Outlook) A+ (Trk) / (Stable Outlook) 16) Aynes Gıda Sanayi ve Ticaret A.Ş. Aynes Gıda Sanayi ve Ticaret A.Ş. Istanbul December 13, 2012 Long Term National Local Rating BBB (Trk) / (Stable Outlook) BBB (Trk) / (Stable Outlook) Short Term National Local Rating A-3 (Trk) / (Stable Outlook) A-3 (Trk) / (Stable Outlook)

6 17) Medical Park Sağlık Hizmetleri A.Ş.. Medical Park Sağlık Hizmetleri A.Ş.. Istanbul December 10, 2012 Long Term International Local Currency BB /(Positive Outlook) BBB - /(Stable Outlook) Long Term National Local Rating BBB- (Trk) /(Positive Outlook) BBB- (Trk) /(Positive Outlook) Short Term National Local Rating A-3(Trk)/(Stable Outlook) A-3(Trk)/(Stable Outlook) 18) Uşak Seramik Sanayi A.Ş. Uşak Seramik Sanayi A.Ş. Istanbul December 6, 2012 Long Term International Local Currency BB / (Stable Outlook) BBB - / (Stable Outlook) Long Term National Local Rating BBB (Trk) / (Stable Outlook) BBB (Trk) / (Stable Outlook) Short Term National Local Rating A-3 (Trk) / (Stable Outlook) A-3 (Trk) / (Stable Outlook) 19) Global Yatırım Holding A.Ş. Global Yatırım Holding A.Ş. Istanbul November 13, 2012 Long Term International Foreign Currency BB / (Stable Outlook) BBB -/ (Stable Outlook) Long Term International Local Currency BB / (Positive Outlook) BBB -/ (Stable Outlook) Long Term National Local Rating BBB- (Trk) / (Positive Outlook) BBB- (Trk) / (Positive Outlook) Short Term National Local Rating A-3+ (Trk) / (Stable Outlook) A-3+ (Trk) / (Stable Outlook) 20) Net Holding A.Ş. Net Holding A.Ş. Istanbul October 19, 2012 Long Term National Local Rating BBB (Trk) / (Positive Outlook) BBB (Trk) / (Positive Outlook) Short Term National Local Rating A-3 (Trk) / (Stable Outlook) A-3 (Trk) / (Stable Outlook)

7 21) Bilkent Holding A.Ş. Bilkent Holding A.Ş. Istanbul October 15, 2012 Long Term International Foreign Currency BB/(Stable outlook) BBB -/(Stable outlook) Long Term International Local Currency BB/(Positive outlook) BBB -/(Stable outlook) Long Term National Local Rating A- (Trk)/(Positive outlook) A- (Trk)/(Positive outlook) Short Term International Foreign Currency B/(Stable outlook) A - 3/(Stable outlook) Short Term International Local Currency B/(Stable outlook) A - 3/(Stable outlook) Short Term National Local Rating A-1(Trk)/(Stable outlook) A-1(Trk)/(Stable outlook) Sponsor Support ) Ihlas Holding A.Ş. and its Group Companies Ihlas Holding A.Ş. and its Group Companies Istanbul September 12, 2012 Long Term International Local Currency BB/(Stable Outlook) BBB -/(Stable Outlook) Long Term National Local Rating A (Trk) /(Stable Outlook) A (Trk) /(Stable Outlook) Short Term International Local Currency B/(Stable Outlook) A - 3/(Stable Outlook) Short Term National Local Rating A-1(Trk)/(Positive Outlook) A-1(Trk)/(Positive Outlook) 23) Metro Ticari ve Mali Yatırımlar Holding A.Ş. Metro Ticari ve Mali Yatırımlar Holding A.Ş. Istanbul September 11, 2012 Long Term International Foreign Currency BB- / (Stable Outlook) BB + / (Stable Outlook) Long Term International Local Currency BB / (Stable Outlook) BB + / (Stable Outlook) Long Term National Local Rating BBB- (Trk) / (Stable Outlook) BBB- (Trk) / (Stable Outlook) Short Term International Foreign Currency B / (Stable Outlook) B / (Stable Outlook) Short Term International Local Currency B / (Stable Outlook) B / (Stable Outlook) Short Term National Local Rating A-3 (Trk) / (Stable Outlook) A-3 (Trk) / (Stable Outlook) 24) Martı Otel İşletmeleri A.Ş. Martı Otel İşletmeleri A.Ş. Istanbul August 27, 2012 Long Term International Local Currency BB /(Positive Outlook) BBB - /(Stable Outlook) Long Term National Local Rating BBB- (Trk) /(Positive Outlook) BBB- (Trk) /(Positive Outlook) Short Term National Local Rating A-3(Trk)/(Stable Outlook) A-3(Trk)/(Stable Outlook)

8 25) Segure Insurance Ltd. Segure Insurance Ltd. Istanbul July 27, 2012 Long Term International Local Currency BB /(Stable Outlook) BBB - /(Stable Outlook) Long Term National Local Rating A (Trk) /(Stable Outlook) A (Trk) /(Stable Outlook) Short Term National Local Rating A-1 (Trk)/(Stable Outlook) A-1 (Trk)/(Stable Outlook) 26) Creditwest Bank Ltd. Creditwest Bank Ltd. Istanbul July 30, 2012 Long Term International Local Currency BB /(Positive Outlook) BBB - /(Stable Outlook) Long Term National Local Rating AA+ (Trk) /(Stable Outlook) AA+ (Trk) /(Stable Outlook) Short Term National Local Rating A -1+(Trk)/(Stable Outlook) A -1+(Trk)/(Stable Outlook) Stand Alone A A 27) Creditwest Insurance Ltd Creditwest Insurance Ltd Istanbul July 30, 2012 Long Term International Local Currency BB /(Positive Outlook) BBB - /(Stable Outlook) Long Term National Local Rating A (Trk) /(Positive Outlook) A (Trk) /(Positive Outlook) Short Term National Local Rating A-1 (Trk)/(Stable Outlook) A-1 (Trk)/(Stable Outlook) Stand Alone A A 28) Destek Faktoring A.Ş. Destek Faktoring A.Ş. Istanbul July 11, 2012 Long Term National Local Rating A (Trk) / (Positive Outlook) A (Trk) / (Positive Outlook) Short Term National Local Rating A-1+ (Trk) / (Stable Outlook) A-1+ (Trk) / (Stable Outlook)

9 29) Türkiye Halk Bankası A.Ş. Türkiye Halk Bankası A.Ş Istanbul July 22, 2012 Long Term International Foreign Currency BB (Positive Outlook) BBB - (Stable Outlook) Long Term International Local Currency BB (Positive Outlook) BBB - (Stable Outlook) Long Term National Local Rating AAA(Trk) (Stable Outlook) AAA(Trk) (Stable Outlook) Short Term International Foreign Currency B (Stable Outlook) A - 3 (Stable Outlook) Short Term International Local Currency B (Stable Outlook) A - 3 (Stable Outlook) Short Term National Local Rating A -1+(Trk) (Stable Outlook) A -1+(Trk) (Stable Outlook) Stand Alone A A 30) Global Liman İşletmeleri A.Ş. Global Liman İşletmeleri A.Ş. Istanbul June 18, 2012 Long Term International Foreign Currency BB+ / (Stable Outlook) BBB - / (Stable Outlook) Long Term International Local Currency BB / (Stable Outlook) BBB - / (Stable Outlook) Long Term National Local Rating A- (Trk) / (Stable Outlook) A- (Trk) / (Stable Outlook) Short Term National Local Rating A-1+ (Trk) / (Stable Outlook) A-1+ (Trk) / (Stable Outlook) 31) T.C. Ziraat Bankası A.Ş. T.C. Ziraat Bankası A.Ş. Istanbul June 13, 2012 Long Term International Local Currency BB / (Stable Outlook) BBB - / (Stable Outlook) Long Term National Local Rating AAA (Trk) / (Stable Outlook) AAA (Trk) / (Stable Outlook) Short Term National Local Rating A-1+ (Trk) / (Stable Outlook) A-1+ (Trk) / (Stable Outlook) Stand Alone A A 32) Şekerbank T.A.Ş. Şekerbank T.A.Ş. Istanbul June 8, 2012 Long Term International Local Currency BB /(Stable Outlook) BBB - /(Stable Outlook) Long Term National Local Rating A+ (Trk) /(Positive Outlook) A+ (Trk) /(Positive Outlook) Short Term National Local Rating A -1(Trk)/(Stable Outlook) A -1(Trk)/(Stable Outlook)

10 33) Aktif Yatırım Bankası A.Ş. Aktif Yatırım Bankası A.Ş. Istanbul May 23, 2012 Long Term International Foreign Currency BB/(Stable Outlook) BBB - /(Stable Outlook) Long Term International Local Currency BB/(Stable Outlook) BBB - /(Stable Outlook) Long Term National Local Rating A+(Trk)/(Positive Outlook) A+(Trk)/(Positive Outlook) Short Term International Foreign Currency B/(Stable Outlook) A - 3/(Stable Outlook) Short Term International Local Currency B/(Stable Outlook) A - 3/(Stable Outlook) Short Term National Local Rating A-1(Trk)/(Stable Outlook) A-1(Trk)/(Stable Outlook) 34) Eko Faktoring A.Ş. Eko Faktoring A.Ş. Istanbul May 23, 2012 Long Term International Local Currency BB / (Stable Outlook) BBB - / (Stable Outlook) Long Term National Local Rating A (Trk) / (Stable Outlook) A (Trk) / (Stable Outlook) Short Term International Foreign Currency B / (Stable Outlook) A -3 / (Stable Outlook) 35) Kent Faktoring A.Ş. Kent Faktoring A.Ş. Istanbul May 16, 2012 Long Term International Local Currency BB / (Stable Outlook) BBB - / (Stable Outlook) Long Term National Local Rating A (Trk) / (Positive Outlook) A (Trk) / (Positive Outlook) Short Term National Local Rating A-1+ (Trk) / (Stable Outlook) A-1+ (Trk) / (Stable Outlook) 36) Creditwest Faktoring Hizmetleri A.Ş. Creditwest Faktoring Hizmetleri A.Ş. Istanbul May 2, 2012 Long Term International Local Currency BB / (Stable Outlook) BBB - / (Stable Outlook) Long Term National Local Rating AA (Trk) / (Stable Outlook) AA (Trk) / (Stable Outlook) Short Term National Local Rating A-1+ (Trk) / (Stable Outlook) A-1+ (Trk) / (Stable Outlook) Stand Alone A A

11 37) ESCAR TURIZM TAŞIMACILIK TICARET A.Ş. (Central Fleet Services) ESCAR TURIZM TAŞIMACILIK TICARET A.Ş. (Central Fleet Services) Istanbul April 19, 2012 Long Term International Local Currency BB /(Stable Outlook) BBB - /(Stable Outlook) Long Term National Local Rating A- (Trk) /(Stable Outlook) A- (Trk) /(Stable Outlook) Short Term National Local Rating A-1 (Trk)/(Stable Outlook) A-1 (Trk)/(Stable Outlook) 38) Türkiye Garanti Bankası A.Ş. Türkiye Garanti Bankası A.Ş. Istanbul April 4, 2012 Long Term International Foreign Currency BBB - /(Stable Outlook) BBB /(Stable Outlook) Long Term International Local Currency BBB /(Stable Outlook) BBB + /(Stable Outlook) Long Term National Local Rating AAA(Trk) /(Stable Outlook) AAA(Trk) /(Stable Outlook) Short Term International Foreign Currency A-3 /(Stable Outlook) A-3 /(Stable Outlook) Short Term International Local Currency A-3 /(Stable Outlook) A-2 /(Stable Outlook) Short Term National Local Rating A-1+(Trk)/(Stable Outlook) A-1+(Trk)/(Stable Outlook) Sponsor Support 1 1 Stand Alone A A 39) Vakıf Finansal Kiralama A.Ş.. Vakıf Finansal Kiralama A.Ş.. Istanbul March 23, 2012 Long Term International Foreign Currency BB /(Stable Outlook) BBB- /(Stable Outlook) Long Term International Local Currency BB /(Stable Outlook) BBB- /(Stable Outlook) Long Term National Local Rating A(Trk) /(Positive Outlook) A(Trk) /(Positive Outlook) Short Term National Local Rating A-1(Trk)/(Stable Outlook) A-1(Trk)/(Stable Outlook) 40) IFM ISTANBUL FINANS MERKEZI INŞAAT TAAHHÜT A.Ş.. Real Estate Certificates IFM ISTANBUL FINANS MERKEZI INŞAAT Istanbul April 12, 2013 TAAHHÜT A.Ş.. Real Estate Certificates Long Term National Local Rating AA (Trk) AA (Trk)

12 41) AKTIF BANK Sukuk Varlık Kiralama A.Ş. - Sukuk AKTIF BANK Sukuk Varlık Kiralama A.Ş. - Sukuk Istanbul March 29, 2013 Long Term National Local Rating AA- (Trk) AA- (Trk) 42) AKTIF YATIRIM BANKASI A.Ş. (5) No.lu Emek Varlık Finansman Fonu AKTIF YATIRIM BANKASI A.Ş. (5) No.lu Emek Varlık Finansman Fonu Istanbul January 17, 2013 Long Term National Local Rating AAA (Trk) AAA (Trk) 43) AKTIF YATIRIM BANKASI A.Ş. (4) No.lu Emek Varlık Finansman Fonu AKTIF YATIRIM BANKASI A.Ş. (4) No.lu Emek Varlık Finansman Fonu Istanbul September 3, 2012 Long Term National Local Rating AAA (Trk) AAA (Trk) 44) AKTIF YATIRIM BANKASI A.Ş. (1) No lu Fleetcorp Katılım Varlık Finansmanı Fonu AKTIF YATIRIM BANKASI A.Ş. (1) No lu Fleetcorp Katılım Varlık Finansmanı Fonu Istanbul May 10, 2012 Long Term National Local Rating A+ (Trk) A+ (Trk) 45) AKTIF YATIRIM BANKASI A.Ş. (3) No.lu Emek Varlık Finansman Fonu AKTIF YATIRIM BANKASI A.Ş. (3) No.lu Emek Varlık Finansman Fonu Istanbul April 3, 2012 Long Term National Local Rating AAA (Trk) AAA (Trk)

13 46) AKTIF YATIRIM BANKASI A.Ş. (2) No.lu Emek Varlık Finansman Fonu AKTIF YATIRIM BANKASI A.Ş. (2) No.lu Emek Varlık Finansman Fonu Istanbul January 6, 2012 Long Term National Local Rating AAA (Trk) AAA (Trk) 47) AKTIF YATIRIM BANKASI A.Ş. (1) No.lu Varlık Finansman Fonu AKTIF YATIRIM BANKASI A.Ş. (1) No.lu Varlık Finansman Fonu Istanbul September 13, 2011 Long Term National Local Rating AAA (Trk) AAA (Trk) JCR EURASIA RATING Administrative Board

14 Copyright 2011 by JCR Eurasia Rating. Nispetiye Cad.Firuze Sok. Ceylan Apt. No:1-D:8 Akatlar/İSTANBUL Telephone: Fax: +90 (212) Reproduction is prohibited except by permission. All rights reserved. All of the information has been obtained from sources JCR ER believes are reliable. However, JCR-ER does not guaranty the truth, accuracy, adequacy of this information. A JCR ER Rating is an objective and independent opinion as to the creditworthiness of a security and issuer, not a recommendation to buy, hold, sell any security and to issue a loan. This rating report has been composed within the frameworks of SPK (Capital Markets Board of Turkey) regulations and internationally accepted rating principles and guidelines but is not covered by the NRSRO regulations.