Frankfurt am Main, July 02, 2013 -- Moody's has determined that the proposed action of AKBANK T.A.S. (the seller) to amend a definition under the Terms and Conditions of the Tranche 31 and Tranche 32 Notes (the amendment) will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the outstanding Tranche 31 and Tranche 32 Notes (the "Notes") issued by A.R.T.S. LTD. (the "Issuer"). Moody's opinion addresses only the credit impact of the proposed action, and Moody's is not expressing any opinion as to whether the action has, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.
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