Also in the wake of the sovereign downgrade, Moody's on June downgraded the ratings of the covered bonds issued by five Turkish banks (Akbank, Sekerbank, Turkiye Garanti Bankasi, Turkiye Vakiflar Bankasi and Yapi ve Kredi Bankasi). Additionally, Moody's downgraded to B1 from Ba3 the long-term issuer ratings of the Metropolitan Municipalities of Istanbul and Izmir. The Aaa.tr National Scale Rating on Izmir was affirmed. The rating outlooks on both municipalities were kept on negative.