Moody’s could drop Mersin

Moody's Investors Service said it placed the Ba1 corporate family rating and the Ba1 senior unsecured rating of Mersin Uluslararasi Liman Isletmeciligi AS (Mersin International Port) on review for downgrade.

The action follows the agency’s recent decision to place Turkey's Ba2 government bond rating on review for downgrade.

Moody’s said the review mirrors the review for downgrade of the Government of Turkey's rating and reflects the constraints placed on Mersin’s ratings by the sovereign's ratings, given the multiple channels of shared exposure and contagion that exist between sovereign and corporate issuers.

As a result and in spite of its strong operating performance and relatively low leverage, the agency said it does not currently expect Mersin to be rated more than one notch higher than the sovereign rating.

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