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Moody's repositions national scale ratings of issuers in Slovakia, Turkey, Czech Republic

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Moody's repositions national scale ratings of issuers in Slovakia, Turkey, Czech Republic

Moody's on May 10 repositioned the national scale ratings,or NSRs, of certain financial and nonfinancial issuers of debt of Slovakia,Turkey and the Czech Republic following the recalibration of national ratingscales.

Moody's also published for the first time the global scaleratings, or GSRs, of several Slovak and Czech issuers. Some Slovak issuers'primary long-term NSRs are being repositioned lower, while others may berepositioned higher.

Out of eight Turkish banks and financial institutions thatcurrently carry NSRs in Turkey, Moody's repositioned those of five Turkishbanks while leaving those of one bank and one finance company unchanged. Inaddition, the NSR of one bank, CommercialBank (Q.S.C.)'s Alternatifbank AS, remains on review for downgrade,pending conclusion of the review for downgrade of its global long- andshort-term bank deposit ratings.

Other Turkish banks involved are: , , 's , 's , , andYapi ve Kredi BankasiAS.

The rating agency raised by an average of 2.6 notches theprimary long-term NSRs of approximately 80% of about 40 fundamental Turkishissuers rated by Moody's, while downgrading that of one by two notches, Moody'snoted. In addition, the agency lowered by an average of two notches the primarylong-term NSRs of approximately 90% of about 30 fundamental Czech issuers ratedby Moody's.

The repositioned NSRs of individual issuers do not signify achange in credit risk, since their GSRs remain unchanged.