Moody’s upgrades five Turkish issuers

Moody’s Investors Service said it upgraded the ratings of five corporates domiciled in Turkiye and revised their outlook and the outlook of two more issuers to positive from stable.

The agency raised the ratings to B2 from B3 for Koc Holding AS, Ordu Yardimlasma Kurumu (OYAK), Turk Hava Yollari Anonim Ortakligi (Turkish Airlines), Turkcell Iletisim Hizmetleri AS and Turkiye Petrol Rafinerileri AS.

Moody’s also affirmed the ratings of Turkiye Sise ve Cam Fabrikalari AS and Eregli Demir ve Celik Fabrikalari TAS.

“The rating actions on these corporate issuers are a direct consequence of the rating action on the government of Turkiye. The positive outlook on all of the seven corporate ratings mirrors that of the government of Turkiye and reflects rating interlinkages with the sovereign,” the agency said in a press release.

Moody’s added, “For the five corporates that are now rated one notch above the sovereign, this reflects fundamentally strong financial and business profiles, prudent financial policies, adequate to solid liquidity, and earnings that are well protected against inflation and currency depreciation. Some of the companies also benefit from access to international financing as well as export revenues and some geographic diversification outside of Turkiye.”

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