Fitch lowers Eko Faktoring

Fitch Ratings said it downgraded Eko Faktoring AS’s national long-term rating to BBB(tur) from BBB+(tur).

The outlook is negative.

The downgrade primarily reflects significant deterioration in Eko’s asset quality, which has led to weaker performance over the last 18 months, Fitch said.

The downgrade also considers increased uncertainty about the sustainability of Eko’s business model under the company’s revised strategy and potentially greater pressure on liquidity, the agency said.

The ratings also consider Eko’s still moderate leverage and the solid cash generation of its short-term receivables book, Fitch said.

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