S&P trims, withdraws Sisecam rating

S&P said it lowered its long-term issuer credit rating on Turkey-based glass producer Sisecam to B+ from BB- and assigned a negative outlook.

S&P affirmed its B short-term issuer credit rating on Sisecam.

At the same time, the agency lowered its issue ratings on Sisecam's $500 million unsecured notes to B+ from BB-. The recovery rating remained unchanged at 3, indicating recovery prospects in the 50-70% range (rounded estimate: 55%).

S&P subsequently withdrew all ratings on Sisecam at the issuer's request.

“The rating action follows the recent downgrade of Sisecam's parent and owner, Turkiye Is Bankasi AS (Isbank; B+/negative/B), which followed our downgrade of Turkey on Aug. 17, 2018,” S&P said in a news release.

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