S&P lifts Kew Soda

S&P said it raised its ratings on Kew Soda Ltd. and the $980 million of senior secured notes due 2028 that were issued by subsidiary WE Soda Investments Holding plc to BB- from B+. The agency also revised the outlook to positive from stable.

On Nov. 30, S&P revised the outlook on its B unsolicited long-term sovereign credit rating on Turkiye to positive from stable and affirmed all its foreign- and local-currency ratings. The agency also raised the country’s unsolicited transfer and convertibility assessment to B+ from B.

In a press release, S&P said it continues to assess Kew Soda's stand-alone credit profile at bb, but caps “the rating at one notch above the T&C assessment on Turkiye because, despite being an exporter, all the company's physical assets are in the country, which exposes it to domestic risks that are beyond its control.”

The positive outlook reflects the sovereign’s positive outlook, S&P said.

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