International Credit Agency Moody's downgraded Turkish Airlines corporate family rating to Ba2 from Ba1 with a negative outlook on 20.07.2016. Along with this revision Turkish Airlines enhanced equipment trust certificates issue ratings have also been revised and both USD and JPY denominated Calss A certificates were lowered to A3 from A2 and JPY denominated Class B certificates were lowered to Baa3 from Baa2, with outlook negative. International Credit Agency S&P on 15.07.2016 had also lowered Turkish Airlines long term corporate credit rating BB- from BB with a negative outlook and Turkish Airlines issue ratings of aircraft backed enhanced equipment trust certificates to BBB from BBB+. You may find the related letters attached and on our website.