Fitch cuts Turkish corporates

Fitch Ratings said it acted on Turkish corporate issuers following its downgrade of Turkey’s sovereign ratings on Feb. 11.

The agency lowered Turkiye Sise ve Cam Fabrikalari AS’ (Sisecam) long-term foreign-currency issuer default rating to B+ from BB- and the senior unsecured ratings to B+/RR4 from BB-. The outlook is negative.

Fitch trimmed Arcelik AS and its senior unsecured rating to BB from BB+. The outlook is negative; however, it affirmed the local-currency IDR at BB+ with a stable outlook.

The agency downgraded Turk Telekomunikasyon AS’ (TT) foreign-currency IDR to B+ from BB- and senior unsecured ratings to B+/RR4 from BB-. The outlook is negative. The local-currency IDR has been affirmed at BB- and the outlook revised to negative from stable.

The agency also downgraded Turkcell Iletisim Hizmetleri AS’ (Tcell) foreign-currency IDR to B+ from BB- and senior unsecured ratings to B+/RR4 from BB-. The outlook is negative.

Finally, Fitch affirmed Pegasus Hava Tasimaciligi AS’ foreign- and local-currency IDRs at BB- and its foreign-currency unsecured bonds at BB-. The outlook is negative.

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