Moody’s downgrades eight Turkish corporates

Moody’s Investors Service said it downgraded the ratings on eight non-financial corporates domiciled in Turkey to B2 from B1 and maintained the negative rating outlooks.

The downgrades follow the weakening of the Turkish government’s credit profile, as captured by Moody’s recent decision to downgrade Turkey’s government bond ratings to B2 from B1 and keeping a negative outlook, the agency said.

The companies are Anadolu Efes Biracilik ve Malt Sanayii AS, Coca-Cola Icecek AS, Eregli Demir ve Celik Fabrikalari TAS, Koc Holding AS, Ordu Yardimlasma Kurumu, Turkcell Iletisim Hizmetleri AS, Turkiye Petrol Rafinerileri AS and Turkiye Sise ve Cam Fabrikalari AS.

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