S&P Upgraded Turkey’s Rating

International Credit Rating Institution Standard and Poor’s increased the grade of Turkey in foreign currency and Turkish Lira from B to B Plus. Konrad Reuss, the head of the Country Grades Department, said; We upgraded the rating of Turkey to B in July and the country continued to improve its economy from then on.We have no specific timing to review the country notes. We can review the country grade of Turkey any time. The country review of Turkey stayed at “stable.”S&P analyst Ala’a Yusuf said; This grade reflects the advancement in meeting the financial targets of 2003 and the determination of the government to continue to implement the program in 2004 as well. We expect that the debt burden on the government will decline as the fall in the real interest rates fall as a result of successful financial practices.�