Moody's: Anadolu Efes notes Baa3

Moody's Investors Service said it assigned a Baa3 long-term issuer rating to Anadolu Efes Biracilik ve Malt Sanayii AS.

Moody's also assigned a provisional Baa3 rating to the proposed dollar-denominated notes with a stable outlook.

"Our Baa3 rating for Efes reflects: (a) the company's leading position in the Turkish market, with around 85% volume share of the domestic beer market; (b) its strengthened position in Russia following the merger with SAB Miller's Russian operations; and (c) the potential to extract synergies as well as the moderate debt/EBITDA leverage of between 2x and 3x for its core beer operations," Martin Kohlhase, Moody's vice president, senior analyst and lead analyst for Anadolu Efes, said in a news release.

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