Moody’s lowers Global Liman

Moody’s Investors Service said it downgraded to B2 from B1 the corporate family rating and to B2-PD from B1-PD the probability of default rating of Global Liman Isletmeleri AS.

The agency downgraded to B2 from B1 the rating of the company's $250 million guaranteed senior unsecured bond due 2021.

The outlook is stable.

“The rating downgrade reflects the expectation that, despite some improvements in its recent operating and financial performance, GPH's financial profile will not sufficiently strengthen over the next 12-18 months to comfortably reach the thresholds required for the previous B1 rating,” Moody’s said in a news release.

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