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S&P lowers Turk Telekom
S&P said it lowered its long- and short-term issuer credit ratings on Turk Telekom to BB+/B from BBB-/A-3.
The outlook is stable.
The agency also lowered its issue rating on Turk Telekom's senior unsecured debt to BB+ from BBB- and assigned a 3 recovery rating, reflecting an expectation of meaningful recovery (50%-70%; rounded estimate: 65%) in the event of default.
S&P said the actions follow the downgrade of Turkey.
“Because we limit our rating on Turk Telekom to two notches above the sovereign foreign currency rating, the action on the sovereign resulted in a lower rating on the company,” the agency said in a news release.
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