TURKISH CREDIT RATING AGENCY

completed

Summary Of Project Information (SPI)Project NameTurkey-Credit Rating Agency     RegionEuropeSectorProject No004960Projected Board DateJune 15, 1996Company NameIBAR/DCR Duff & Phelps Credit Rating, TurkeyTechnical Partner and/or Major Shareholders The technical sponsor of the Company will be Chicago-based Duff & Phelps Credit Rating Company (D&P), one of the largest U.S. rating agencies. In recent years, D&P has expanded its operations to emerging markets and has set up joint-venture rating companies in a number of Latin American countries. D&P’s assistance to the Company will include training of local staff, participation in rating decisions, and the provision of its name to the joint-venture. The local partner will be the International Banking Advisory and Research Group (IBAR), a reputable independent Istanbul-based corporate research firm.Project Cost Including proposed IFC investment Up to US$500,000, in equity to be paid as follows: 40% (IBAR) 40% (D&P) 20% (IFC)Location of project and Description of site Istanbul, TurkeyDescription of Company and Purpose of Project The project involves the establishment of Turkey’s first credit rating agency whose objective will be to provide independent professional risk assessments of corporate debt with a view to facilitating the development of an efficient market in debt instruments. IFC has played a critical role in developing this project by first identifying a suitable local partner and then by attracting an internationally reputed technical partner. IFC’s participation will also lend credibility to this new concept in Turkey, whose success depends on its being perceived as an objective and independent organization.Environmental Category and Issues This is a category C project according to IFC’s environmental review procedure therefore no further environmental review is required.Date SPI sent to PIC April 30, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365