S&P upgrades Anadolu Efes

Standard & Poor's said it raised the long-term corporate credit rating on Anadolu Efes Biracilik ve Malt Sanayii to BB+ from BB.

The outlook is positive.

The upgrade reflects an improvement in the company's financial risk profile after more than two years of growing discretionary cash flow generation, S&P said.

These numbers were boosted by sustainable cash flows to the rest of the group from the international beer operations, while the Turkish beer operations remained consistently cash generative, the agency said.

The company's financial risk profile continues to be constrained by its shallow debt maturity profile, S&P said.

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