Fitch Affirms Yapi Kredi Portfoy's FQRs and AMR

Fitch Ratings has affirmed Yapi Kredi Portfoy Yonetimi's Asset Manager Rating (AMR). It has also affirmed the Fund Quality Ratings (FQR) of seven funds managed by Yapi Kredi.

At the same time, Fitch has chosen to withdraw the ratings for commercial reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage on the entities below.

The full list of rating actions is as follows:
-Yapi Kredi's AMR affirmed at "Highest Standards (tur)" and withdrawn
-Yapi Kredi Invest Koc Group Affiliates Equity Fund's FQR affirmed at "Strong" and withdrawn
-Yapi Kredi Bank Equity Fund's FQR affirmed at "Strong" and withdrawn
-Yapi Kredi Bank Fixed Income Private Banking Variable Growth Fund's FQR affirmed at "Good" and withdrawn
-Yapi Kredi Invest Long-Term Fixed Income Bonds and Bills Fund's FQR affirmed at "Good" and withdrawn
-Allianz Yasam Ve Emeklilik First Managed Group Pension Fund's FQR affirmed at "Good" and withdrawn
-Allianz Yasam ve Emeklilik Government Debt Instrument Group Pension Fund's FQR affirmed at "Good" and withdrawn
-Allianz Yasam ve Emeklilik Managed Pension Fund's FQR affirmed at "Good" and withdrawn

KEY RATING DRIVERS
The affirmations of the FQRs reflect the stability in the investment processes and resources supporting the respective funds over the last 12 months. They also take into consideration Yapi Kredi's profile as a large, established asset manager. The performance of the funds has been consistent with the affirmed ratings.

The affirmation of the AMR reflects the stability of Yapi Kredi's franchise, staffing, control environment, as well as the company's operational and IT platform.

Fitch remains committed to Turkish issuers and will continue to provide comprehensive ratings coverage for Turkish issuers across all sectors. However, for commercial reasons it will no longer provide AMRs or FQRs in Turkey.

For further information please visit www.fitchratings.com.