Moody's Investors Service downgraded, to ‘Baa3’ from ‘Baa2’, the credit ratings on 22 tranches in four Turkish future receivables transactions to reflect lower global local currency ratings of the Turkish banks that originated the receivables used as collateral.

Under Moody's rating methodology, the rating assigned to a future receivables transaction is linked to the originator's local-currency rating. The downgraded banks include: Akbank TAS, Turkiye Garanti Bankasi, Turkiye Vakiflar Bankasi, Yapi ve Kredi Bankasi and Turkiye IS Bankasi AS.

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