S&P lifts Koc Holding

S&P said it raised its ratings on Koc Holding AS and its senior unsecured notes to B+ from B.

Most of Koc’s cash is in U.S. dollars and is in international banks. Koc repaid its $750 million bond that was due in March, despite de-facto capital controls in Turkiye, and as of March 31, its U.S. dollar cash balances are adequate to repay its $750 million bond maturing in March 2025, the agency noted.

“In our view, these facts support the application of a criteria exception to allow Koc to be rated one notch above our B transfer and convertibility assessment (T&C) and B foreign currency sovereign credit rating on Turkiye; Koc has also passed our sovereign stress tests,” S&P said in a press release.

The outlook is negative.

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