Fitch trims Global Liman

Fitch Ratings said it downgraded Global Liman Isletmeleri AS' $250 million senior notes due 2021 to B+ from BB-/negative and placed them on rating watch negative.

“The downgrade considers the higher-than-expected leverage profile of the group, which comprises GLI and its parent company Global Ports Holding (GPH), in a context of increasing capex plan, large bullet maturity with associated refinancing risk and limited visibility on future capital structure due to significant risks of M&A activity in 2019/2020,” the agency said in a news release.

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