S&P downgrades Sisecam

S&P said it lowered the long-term issuer credit rating on Turkiye Sise Ve Cam Fabrikalari AS (Sisecam) to BB- from BB.

The outlook is stable.

The agency also said it affirmed the company's B short-term issuer credit rating.

S&P also said it lowered the ratings on Sisecam's $500 million unsecured notes to BB- from BB.

The recovery rating is unchanged at 3, indicating 50% to 70% expected default recovery.

The downgrades follow the recent downgrade of Sisecam's parent, Turkiye Is Bankasi AS, S&P said.

The downgrades also reflect the downgrade of Turkey on May 1, the agency added.

The ratings on Sisecam are subject to a cap by the rating on Isbank, which owns 67% of Sisecam, S&P said.

The agency said it continues to assess Sisecam's management and governance as satisfactory, reflecting management's success at growing and diversifying the group while reducing net debt.

© 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.