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S&P lowers Koc Holding
S&P said it lowered its long-term foreign and local currency issuer credit ratings on Koc Holding AS to BB- from BB+. The outlook is stable.
At the same time, S&P affirmed its B short-term foreign and local currency ratings on Koc.
S&P also lowered its rating on Koc's unsecured notes to BB- from BB+. The recovery rating is 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate 65%) in the event of payment default.
“The downgrade of Koc is driven by our downgrade of Turkey (unsolicited foreign currency rating: B+/stable/B),” S&P said in a news release.
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