Moody’s cuts Turkish corporates

Moody's Investors Service said it downgraded the ratings to Ba1 from Baa3 and changed the outlook to stable from negative on the following Turkish corporates: Anadolu Efes Biracilik ve Malt Sanayii AS, Coca-Cola Icecek AS, Koc Holding AS, Ordu Yardimlasma Kurumu and Turkcell Iletisim Hizmetleri AS.

As a result of the downgrades, the agency withdrew the issuer ratings and assigned corporate family ratings to those, in line with its policy for non-financial corporates with non-investment grade ratings.

In addition, for those corporates that have rated bonds, Moody's assigned probability of default ratings (PDR).

The agency also downgraded the rating of Dogus Holding AS to Ba2 from Ba1. The outlook remains negative.

Moody’s said the actions were driven by its recent decision to downgrade Turkey's government issuer rating to Ba2 stable from Ba1 negative.

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