Fitch alters views on three Turkish issuers

Fitch Ratings said it revised the outlooks on three Turkish corporates’ long-term foreign-currency issuer default ratings to stable from negative.

“The rating actions follow the revision of the outlook on Turkey’s long-term foreign-currency IDR to stable from negative. The issuers’ strong exposure to the Turkish economy means their foreign-currency IDRs are influenced by the Turkish country ceiling. The revision of the outlooks reflects the likely correlation of future rating actions with changes to the sovereign rating, assuming that the country ceiling moves in line with the sovereign IDR,” Fitch said in a press release.

The agency changed the outlooks on Turkiye Sise ve Cam Fabrikalari AS, Arcelik AS and Ulker Biskuvi Sanayi AS.

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