Türkiye İş Bankası A.Ş.
Notes to the Unconsolidated Financial Statements
for the Year Ended 31 December 2015
158 İşbank
Annual Report 2015
SECTION SIX: OTHER EXPLANATIONS
I. EXPLANATIONS ON THE BANK’S CREDIT RATINGS:
Rating Outlook
(1)
Explanation
MOODY’S
Long-term Foreign Currency Deposit
Baa3 Negative
The Highest rating depending on the country ceiling for Turkey in this category.
Long-term Local Currency Deposit
Baa3 Negative
Indicates that the Bank’s credibility is adequate.
Long-term Foreign Currency Senior Debt
Baa3 Negative
Indicates that the Bank’s credibility is adequate.
Short-term Foreign Currency Deposit
P-3
-
The Highest rating depending on the country ceiling for Turkey in this category.
Short-term Local Currency Deposit
P-3
-
Indicates that the Bank’s credibility is reasonable.
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
AA+ (tur)
Stable
Shows high 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+ Negative
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.
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: 29 September 2015, Fitch Ratings: 16 June 2015, Standard & Poor’s: 11 February 2014
(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 unconsolidated financial statements of the Bank as of 31 December 2015 have been audited by Akis Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi
(the Turkish member firm of KPMG International Cooperative, a Swiss entity) and the independent auditors’ report dated 1 February 2016 is presented before the accompanying
unconsolidated financial statements.
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.
