S&P upgrades Koc

S&P said it raised the long-term corporate credit ratings on Koc Holding AS to BBB from BBB-, along with its short-term corporate credit ratings to A-2 from A-3.

The outlook is stable.

The agency also said it raised the long-term rating on Koc's unsecured debt to BBB from BBB-.

The upgrade follows a similar outlook revision on Turkey, S&P said.

The ratings are supported by Koc's solid operating results in recent quarters and conservative financial profile, the agency said.

The long-term rating on Koc is two notches higher than the sovereign foreign-currency rating because the company has passed a hypothetical sovereign default stress test, S&P explained.

Koc's business and financial risk profiles allow the holding company to survive in the event of a sovereign default, the agency said.

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