Fitch turns Biskuvi view to negative

Fitch Ratings said it affirmed Ulker Biskuvi Sanayi AS' long-term foreign-currency issuer default rating at B, the senior unsecured rating at B with an RR4 recovery rating, removed them from rating watch negative and assigned a negative outlook.

“The removal from RWN reflects reduced refinancing and liquidity risks after Ulker has converted financial investments into cash deposits and has made progress towards refinancing its large debt maturing in April 2023. We estimate that available cash at end-2022 was sufficient to almost fully cover debt due in 2023. Liquidation of financial investments has also led to a more conservative leverage profile at end-2022 than we previously expected,” Fitch said in a press release.

The outlook reflects the potential for Turkey's country ceiling being downgraded from B due to the negative outlook on the sovereign rating, the agency said.

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