S&P changes Sisecam view to negative

S&P said it revised its outlook on Turkiye Sise ve Cam Fabrikalari AS (Sisecam) to negative from stable and affirmed its long-term corporate credit rating at BB and short-term rating at B.

At the same time, the agency affirmed the issue ratings on Sisecam's $500 million unsecured notes at BB. The recovery rating remains unchanged at 3, indicating recovery expectations in the lower half of the 50%-70% range.

S&P said the outlook revision follows its recent revision of our outlook on Sisecam’s parent, Turkiye Is Bankasi (Isbank).

The negative outlook on Isbank, in turn, reflects the negative outlook on Turkey.

The agency said it anticipates that Turkish banks' financial profiles and performance will remain highly correlated with sovereign creditworthiness at the current rating level, owing to the banks' significant holdings of government securities and exposure to the domestic environment.

© 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.