S&P rates Sisecam notes BB+

Standard & Poor's said it assigned a BB+ long-term local- and foreign-currency and B short-term global scale corporate credit ratings to Turkiye Sise ve Cam Fabrikalari AS (Sisecam).

S&P also said it assigned a rating of BB+ to the $500 million proposed unsecured notes to be issued by Sisecam with a recovery rating of 3, indicating 50% to 70% expected default recovery.

The outlook is stable.

The ratings reflect the group's fair business risk profile and intermediate financial risk profile, S&P said.

Turkey's largest commercial bank, Turkiye Is Bankasi AS (Isbank), owns a controlling 65% stake in Sisecam.

The ratings consider Sisecam's fair business risk profile, reflecting the group's leading and dominant market positions in Turkey, the agency said.

The group's core operating companies rank No. 1 in Turkey in terms of sales, supported by strong local brands and distribution networks, S&P said.

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