Fitch trims Turkish corporates

Fitch Ratings said it lowered the long-term foreign-currency issuer default rating to B from B+ for the following Turkish corporates: Turkiye Sise ve Cam Fabrikalari AS (Sisecam), Turk Telekomunikasyon AS (TT), Turkcell Iletisim Hizmetleri AS (Tcell), Aydem Yenilenebilir Enerji Anonim Sirketi (Aydem Renewables), Petkim Petrokimya Holdings AS and Turkiye Petrol Rafinerileri AS (Tupras).

The agency downgraded Arcelik AS’ long-term foreign-currency IDR and senior unsecured ratings to BB- from BB and assigned an RR4 recovery rating to the unsecured rating. The foreign-currency outlook is negative. Fitch also affirmed the local-currency IDR but changed the outlook to negative from stable.

Fitch also changed Ronesans Gayrimenkul Yatirim AS’ outlook to negative from stable and affirmed the IDR at B and the senior unsecured rating at B/RR4.

The ratings changes follow the agency’s recent downgrade of Turkey’s long-term foreign-currency IDR and country ceiling, the agency said. The outlook is negative.

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