Moody’s turns LimakPort view to negative

Moody’s Investors Service said it revised its outlook for Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (LimakPort) to negative from rating under review and confirmed the B3 rating on its senior secured notes. This action ends the review for downgrade started on Feb. 13.

“Today's rating action recognizes the ongoing progress by LimakPort in restoring the port's damaged infrastructure and a partial resumption of operations following the massive earthquakes that hit southeast Turkiye on Feb. 6, 2023. It also takes account of the insurance payments received to date, which are supportive of the company's liquidity,” Moody’s said in a press release.

“Moody's notes that the scope of the repair works and their cost have been significantly revised upwards since the initial inspection of damage at the port. The current estimate of the cost of around $60 million compares with $25 million estimated in March. There continue to be execution risks, in Moody's view, including around the schedule and repair costs, but also increased visibility and the company appears to be making good progress in managing the repair works and restoring the port's infrastructure,” the agency said.

LimakPort expects insurance to cover the restoration. It has around $324.5 million in total coverage.

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