Moody’s ups Sisecam, rates notes B2

Moody's Ratings said it upgraded Turkiye Sise ve Cam Fabrikalari AS' (Sisecam) corporate family rating to B2 from B3, the probability of default rating to B2-PD from B3-PD and the backed senior unsecured rating on its March 2026 bond to B2 from B3.

Moody's assigned a B2 instrument rating to the proposed $1 billion backed senior unsecured notes with a five- and eight-year tenor to be issued by Sisecam UK plc.

The outlook on Sisecam is positive and the outlook on Sisecam UK has been assigned positive.

“The upgrade of Sisecam's CFR to B2 from B3 with a positive outlook reflects Moody's expectation that the company will successfully complete the $1 billion notes issuance and that around $650 million of the proceeds will be used to refinance short term debt and partly tender the $700 million senior unsecured notes due in March 2026,” the agency said in a news release.

The agency said it assumes that Sisecam will successfully complete the note issuance at a manageable interest cost, and in line with the proposed terms and conditions.

Any failure to do so would likely result in a negative rating action.

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