Moody's rates Koc notes Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to Koc Holding AS, along with a provisional Baa3 rating to its proposed issuance of dollar-denominated notes.

The outlook is positive.

The ratings are based on Koc Holding's strong financial profile and investments in a balanced portfolio of mature and high-growth companies, which enable it to diversify its dividend income, said Rehan Akbar, a Moody's analyst.

The positive outlook reflects its strong business operating environment and the leading domestic positions of many of its investments within their respective industries, Akbar said.

The decision to position Koc's ratings one notch above government of Turkey's Ba1 rating is driven by a combination of factors, including the high degree of transparency of Koc's investment portfolio and its diversified investments across sectors and companies, Moody's said.

The ratings and outlook also consider the company's conservative approach to investments with a track record of financial discipline and adherence to internal leverage targets, the agency said.

The ratings are constrained by the geographic concentration of Koc's investments as all of its core companies are domiciled in Turkey and exposed to similar macroeconomic drivers, Moody's said.

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