London, 11 September 2012 -- Moody's has determined that the proposed action of AKBANK T.A.S. (the seller) to amend a definition under the Terms and Conditions of the Tranche 30 Notes (the amendment) will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the outstanding Tranche 30 Notes (the "Notes") issued by A.R.T.S. LTD. (the "Issuer"). Moody's opinion addresses only the credit impact of the proposed action, and Moody's is not expressing any opinion as to whether the action has, or could have, other non-credit related effects that may have a detrimental impact on the interests of note holders and/or counterparties.

The principal methodology used in this rating was Moody's Approach to Rating Diversified Payment Rights Securitisations, published in March 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology .

Additional research, including the new issue report for this transaction and reports for prior transactions, are available at www.moodys.com.

Date of last rating action for Issuer: 05 July 2012.

Moody's will continue to monitor the ratings of the transaction. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

Greg O'Reilly Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Ning Loh VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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