Fitch ups Turkish corporates

Fitch said it upgraded several Turkish corporates' long-term foreign-currency issuer default ratings to B+ from B.

The upgrades follow a similar action on Turkiye's long-term foreign-currency IDR on March 8, Fitch said.

“The issuers' high exposure to the Turkish economy means their foreign-currency IDRs are influenced by the Turkish Country Ceiling, which has also been upgraded to B+. The upgrade reflects the likely correlation of future rating actions on some corporates with changes to the sovereign rating, assuming that the country ceiling moves in line with the sovereign IDR,” the agency said in a press release.

The corporates are Turkiye Sise ve Cam Fabrikalari AS, Turkcell Iletisim Hizmetleri AS, Ulker Biskuvi Sanayi AS, Turk Hava Yollari Anonim Ortakligi, Arcelik AS and Turk Telekomunikasyon AS.

Fitch also raised Arcelik’s senior unsecured notes to BB from BB-, Ulker Biskuvi’s senior unsecured notes to B+ from B, the Bosphorus pass through certificates series 2015-1A to BB from BB-, Turk Telekomunikasyon’s senior unsecured notes to B+ from B.

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