INTRODUCTION
ACTIVITIES
CORPORATE GOVERNANCE
FINANCIAL INFORMATION AND RISK MANAGEMENT
189
TÜRKİYE İŞ BANKASI A.Ş.
Notes to the Unconsolidated Financial Statements for the Year Ended
31 December 2012
İŞBANK
ANNUAL REPORT 2012
SECTION SIX: OTHER EXPLANATIONS
I. Explanations on the Bank’s Credit Ratings:
Rating
Outlook
(1)
Explanation
MOODY’S
Bank Financial Strength
D+
Stable
Indicates that the Bank’s stand-alone financial strength is adequate.
Long-term Foreign Currency Deposit Ba2
Stable
The Highest rating depending on the country ceiling for Turkey in this
category.
Long-term Local Currency Deposit
Baa2
Stable
Indicates that the Bank’s credibility is adequate.
Short-term Foreign Currency Deposit NP
-
Same as the rating for Turkey.
Short-term Local Currency Deposit
P-2
-
Indicates that the Bank’s credibility is high.
FITCH RATINGS
Long-term Foreign Currency Issuer
Default Rating
BBB
Stable
At investment level. Shows that the Bank’s credibility is “good”.
Long-term Local Currency Issuer
Default Rating
BBB
Stable
At investment level. Shows that the Bank’s credibility is “good”.
Short-term Foreign Currency Issuer
Default Rating
F3
-
At investment level. Shows that the capacity for timely payment of financial
commitments is adequate.
Short-term Local Currency Issuer
Default Rating
F3
-
At investment level. Shows that the capacity for timely payment of financial
commitments is adequate.
National Long-term Rating
AAA (tur)
Stable
Shows highest credit quality (national).
Viability Rating
bbb
-
Shows that the Bank’s credibility is “good”. Basic financial indicators are
adequate.
Support Rating
3
-
There is a moderate probability of support.
STANDARD & POOR’S
Long-term Counterparty Credit Rating BB
Stable
Same as the FC country rating given for Turkey.
Long-term Certificate of Deposit
BB
-
Same as the FC country rating given for Turkey.
Short-term Counterparty Credit Rating B
-
Indicates that it has the capacity to meet its
financial commitment on the obligation.
Short-term Certificate of Deposit
B
-
Indicates that it has the capacity to meet its
financial commitment on its obligations.
Long-term National Scale Rating
trAA
-
Indicates that its capacity to meet its financial
commitments on the obligation is strong.
Short-term National Scale Rating
trA-1
-
It is the highest rating in this category and indicates that the Bank’s capacity
to pay its short-term debt is higher than the other institutions in the country.
The dates below given are on which the Bank’s credit ratings/outlook was last updated:
Moody’s: 3 July 2012, Fitch Ratings: 14 December 2012, Standard & Poor’s: 4 May 2012
(1)
Outlook:
“Stable” indicates that the current rating will not be changed in the short term; “positive” indicates that the current rating is very likely to be
upgraded and “negative” indicates that the current rating is very likely to be downgraded.
II. Explanations on Special Purpose Audit and Public Audit
According to the Turkish Commercial Code 207, 438 and 439, there has not been the scope of the special audit to the Bank in the current
period. At Bank BRSA, CBRT, the Capital Markets Board, the Competition Authority is subject to public scrutiny, including public institutions
such as. In relation to these inspections of public institutions, if there is a point where disclosure to be necessary, the Bank shares the issues
with the public through disclosures.
SECTION SEVEN: EXPLANATIONS ON THE INDEPENDENT AUDITORS’ REPORT
I. Explanations on the Independent Auditors’ Report:
The Bank’s unconsolidated financial statements and footnotes to be disclosed to public as of 31 December 2012 are audited by Akis
Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (the Turkish member firm of KPMG International Cooperative, a
Swiss entity) and except for the effect of the matter on the financial statements described in the fourth paragraph of the audit report dated
14 February 2013, the unconsolidated financial statements present fairly, in all material respects, the financial position of Türkiye İş Bankası
AŞ as of 31 December 2012 and the result of its operations and cash flows for the year then ended.
II. Explanations and Footnotes of the Independent Auditors
There are no significant issues or necessary disclosures or notes in relation to the Bank’s operations other than those mentioned above.
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