Moody’s reviews 11 Turkish corporates

Moody's Investors Service said it placed the ratings 11 non-financial corporates domiciled in Turkey on review for downgrade following its recent decision to place Turkey's Ba2 government bond rating under review for downgrade.

The following were placed on review: Anadolu Efes Biracilik ve Malt Sanayii AS; Coca-Cola Icecek AS; Dogus Holding AS; Eregli Demir ve Celik Fabrikalari TAS (Erdemir); Koc Holding AS; Ordu Yardimlasma Kurumu; Ronesans Gayrimenkul Yatirim AS; Turkcell Iletisim Hizmetleri AS; Turk Hava Yollari Anonim Ortakligi; Turkiye Petrol Rafinerileri AS; and Turkiye Sise ve Cam Fabrikalari AS.

Additionally, the agency took actions on two enhanced equipment trust certificate (EETC) transactions related to Turkish Airlines: Bosphorus pass through trust 2015-1A and the Japanese yen-denominated, Anatolia pass through trust, class A and class B, also issued in 2015. Moody's downgraded the class A certificates of the Bosphorus transaction to Baa2 from Baa1 and then placed all of the EETC ratings under review for downgrade.

The outlooks for all corporates were stable prior to this action except for Dogus, which had a negative outlook.

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