S&P cuts Koc Holding

S&P said it lowered its ratings on Koc Holding AS and its senior unsecured notes to B+ from BB-, citing the constraints imposed by Turkey’s B+ transfer and convertibility (T&C) assessment. The agency lowered Turkey’s T&C assessment on April 1, and most of Koc’s portfolio is in Turkey.

Koc’s outlook remains negative in line with the outlook on Turkey.

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