On Wednesday, Moody's downgraded to Ba3 from Ba2 the ratings of covered bonds issued by five Turkish banks – Akbank T.A.S., Sekerbank T.A.S., Turkiye Garanti Bankasi A.S., Turkiye Vakiflar Bankasi T.A.O. and Yapi ve Kredi Bankasi A.S. As a result of the lowering of the credit rating assessments, Moody's said it assesses a higher probability that these issuers would cease making payments under the covered bonds. On Tuesday, Moody's downgraded the foreign currency long-term deposit ratings of 12 banks in Turkey; the long-term counterparty risk ratings (CRR) and the long-term counterparty risk assessments (CRA) of six banks; and the long-term senior unsecured rating of one bank by one notch and the long-term foreign currency CRR of three banks by two notches.