S&P revises Sisecam to negative

Standard & Poor's said it revised its outlook on Turkiye Sise ve Cam Fabrikalari AS (Sisecam) to negative from stable.

At the same time, the agency affirmed its BB+ long-term and B short-term corporate credit ratings on Sisecam. It also affirmed the issue rating of BB+ and recovery rating of 3 on the $500 million unsecured notes issued by Sisecam. Recovery expectations are at the lower end of the 50%-70% range.

S&P said the outlook revision corrects an error in the application of our criteria and aligns the outlook on Sisecam with the outlook on its majority owner Turkiye Is Bankasi (Isbank; BB+/negative/B).

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