A report that will be released by Standard and Poor's this week states that two Turkish deals, Credit Card Receivables Trust 1998-1, issued by Turkiye Garanti Bankasi, TAS and Akbank 2001-A Receivables Trust, issued by Akbank TAS, are currently performing quite well, despite the negative impact the recent terrorist attacks on the U.S. could have on their credit quality.

Since September 11, 2001, there has been a significant decline in tourism to Turkey, and travelers that have ventured to Turkey since the attacks have been from less-affluent nations. The tourism rates to the country are said to have dropped 9.5% in October 2001 compared to a year ago, which, according to the rating agency, represents a significant loss of both hard currency funds and credit card-related funds.

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