Fitch puts Arcelik on positive watch

Fitch Ratings said it placed Arcelik AS’ BB long-term foreign- and local-currency issuer default ratings as well as its BB senior unsecured ratings on rating watch positive. It also affirmed Arcelik's national rating at AAA(tur). The outlook on the national rating is stable.

“The rating action reflects our expectation that a successful refinancing of the September 2021 eurobond will positively affect Arcelik's FC debt coverage ratios, and that the issuer will maintain a funding policy that would grant a two-notch uplift above the Turkish country ceiling of BB-,” Fitch said in a press release.

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