S&P boosts Koc

S&P said it raised its ratings for Koc Holding AS and its unsecured notes to BB- from B+ and revised the outlook to positive from stable.

On Nov. 30, the agency raised its transfer and convertibility assessment on Turkiye to B+ from B, revised the outlook on its unsolicited B long-term sovereign credit rating to positive from stable and affirmed all its foreign-and local-currency ratings on the sovereign.

“The upgrade and outlook revision follow a similar action on our T&C assessment and sovereign credit rating on Turkiye. We continue to apply a criteria exception on our rating on Koc, reflecting our expectation that the holding company can maintain sufficient cash in U.S. dollars to repay its $750 million bond due in March 2025,” S&P said in a statement.

The positive outlook reflects Turkiye’s positive outlook, the agency said.

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