Fitch turns six Turkish issuer views to negative

Fitch Ratings said it revised six Turkish corporates' outlook on their long-term foreign-currency issuer default ratings to negative from stable and affirmed all ratings.

The issuers are Migros Ticaret AS, Arcelik AS, Turkiye Sise ve Cam Fabrikalari AS, Ordu Yardimlasma Kurumu (OYAK), Turk Telekomunikasyon AS and Turkcell Iletisim Hizmetleri AS.

“The rating actions follow the revision of the outlook on Turkey's long-term foreign-currency IDR to negative from stable. The issuers' high exposure to the Turkish economy means their foreign-currency IDRs are influenced by the Turkish country ceiling, which remains at BB-. The revision of the outlooks reflects the likely correlation of future rating actions with changes to the sovereign rating, assuming that the country ceiling moves in line with the sovereign IDR,” Fitch said in a press release.

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