Fitch assigns Ulker, bond BB-

Fitch Ratings said it gave Ulker Biskuvi Sanayi AS an expected long-term foreign-currency issuer default rating of BB-with a negative outlook and an expected long-term local-currency IDR of BB. Fitch also assigned Ulker’s upcoming Eurobond a senior unsecured an expected rating of BB-.

The local currency rating is premised on Ulker being ring-fenced from the rest of the Yildiz group to which it belongs. “It assumes that Ulker’s cash flows will not be used to service the substantial debt of its ultimate parent Yildiz Holding AS or its sister companies and that Ulker’s transactions with related parties will remain at arm’s length and will not jeopardize its credit profile,” Fitch said.

Proceeds are expected to be used to refinance the loan due in November.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.