Fitch upgrades Turkcell

Fitch Ratings said it raised Turkcell Iletisim Hizmetleri AS' national long-term rating to AAA(tur) from AA+(tur). It also affirmed the company's long-term foreign-currency issuer default rating at BB- with a negative outlook.

“The upgrade reflects Tcell's sustained deleveraging and strong performance in 2020 despite challenges in the Turkish economy and local currency depreciation. Tcell manages its funds from operations (FFO) net leverage at below 1x, which is low compared with EMEA investment-grade telecom peers. We expect that healthy cash flow generation, a measured financial policy and an active approach to managing currency risk should continue to sustain its low leverage,” Fitch said in a press release.

© 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.