Fitch may up four Turkish companies

Fitch Ratings said it placed four Turkish industrial and commercial companies' foreign-currency ratings on Rating Watch positive. This follows the placement of Republic of Turkey's long-term foreign-currency issuer default rating of BB-, long-term local-currency issuer default rating of BB and country ceiling of BB on Rating Watch positive.

The long-term foreign-currency issuer default ratings of the four Turkish corporations, which are constrained by the sovereign country ceiling, have been placed on positive watch to reflect the same action on the country ceiling.

Fitch said it will complete a review of the sovereign ratings by the end of the year, which it believes has a strong likelihood of leading to an upgrade.

The ratings include Anadolu Efes Biracilik ve Malt Sanayii AS's long-term foreign-currency issuer default rating of BB is on positive watch, long-term local-currency issuer default rating of BB+ was affirmed, along with its national long-term rating of AA+ (tur) and negative outlook;

Coca-Cola Icecek's long-term foreign-currency issuer default rating of BB is on positive watch, long-term local-currency issuer default rating of BBB was affirmed, along with its negative outlook.

Turkcell Iletisim Hizmetleri AS's long-term foreign-currency issuer default rating of BB is on positive watch and its long-term local-currency issuer default rating of BBB- was affirmed, along with the stable outlook;

Turkiye Petrol Rafinerileri AS's long-term foreign-currency issuer default rating of BB is on positive watch and its long-term local-currency issuer default rating of BBB- was affirmed, along with its national long-term rating of AAA(tur) and stable outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.