S&P revises Koc outlook to negative

S&P said it revised its outlook for Koc Holding AS to negative from stable and affirmed its B+ ratings on the company and its senior unsecured notes.

The rating action follows a similar change to Turkey’s outlook and the affirmation of its B ratings on Sept. 29, the agency said.

However, the agency said Koc is rated above Turkey because the company is expected to keep enough U.S. dollars at international banks to repay its $750 million of senior unsecured notes due March 2025.

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