Moody’s: Four Turkish corporates to negative

Moody's Investors Service said it affirmed the Baa3 issuer ratings of the following Turkish corporates and revised the outlooks to negative from stable: Koc Holding AS; Ordu Yardimlasma Kurumu; Coca-Cola Icecek AS; and Turkcell Iletisim Hizmetleri AS.

In addition, the agency affirmed (a) Anadolu Efes Biracilik ve Malt Sanayii AS’ Baa3 issuer rating and negative outlook; (b) Turkiye Sise ve Cam Fabrikalari AS’ Ba1 corporate family rating, Ba1-PD probability of default rating and stable outlook; and (c) Turkiye Petrol Rafinerileri AS’ Ba1 corporate family rating, Ba1-PD probability of default rating and stable outlook.

Moody's took no action on Dogus Holding AS (Ba1, negative).

Moody’s said the actions were prompted by the deterioration of the outlook for Turkey's credit profile as captured by the recent decision to change the outlook on Turkey's Ba1 government issuer rating to negative from stable.

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