Fitch rates Anadolu Efes BBB-

Fitch Ratings said it assigned Anadolu Efes Biracilik ve Malt Sanayii AS long-term foreign- and local-currency issuer default ratings of BBB- with a stable outlook.

“The IDRs reflect the company’s leading positions in its core markets with a strong brand portfolio and conservative capital structure. The ratings also incorporate our expectations that the company will continue strengthening profitability at its joint venture in Russia and Ukraine as well as the scope for stabilizing market share and profits in the more challenging Turkish home market. We view currency risks as high, but this is mostly mitigated by pricing power and a large cash balance mostly denominated in hard currency. However, the rating is constrained by the company’s limited size and diversification relative to peers,” said Fitch in a press release.

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