Fitch rates Calik Holding notes B+

Fitch Ratings said it assigned Globus Capital Finance SA's prospective fixed-rate senior guaranteed notes of up to $200 million an expected foreign-currency senior unsecured rating of B+ and an expected recovery rating of 4. Globus Capital Finance has the sole purpose of using the proceeds of the notes to finance a loan to Calik Holding AS as set out in a loan agreement, the rights and benefits of which are charged to the benefit of noteholders. Calik also was assigned local- and foreign-currency issuer default ratings of B+ with stable outlook and its national long-term rating of BBB+(tur) with positive outlook was affirmed.

The expected rating of the notes is in line with Calik's foreign-currency issuer default rating. The final ratings are contingent on receipt of final documents conforming to information already received.

Proceeds will be used to refinance some of Calik's existing debt and fund working capital requirements and for general corporate purposes, the agency said. The notes will constitute direct, unsecured and unconditional obligations of Calik and will rank equally with all other present or future unsecured and unsubordinated obligations of the company. The terms of the agreement include a limitation on Calik's debt, using a maximum leverage ratio of 4x, Fitch said.

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