Fitch upgrades Sisecam, rates bonds BB-

Fitch Ratings said it upgraded Turkiye Sise ve Cam Fabrikalari AS' (Sisecam) long-term foreign-currency issuer default rating to BB- from B+. The outlook is positive.

Fitch also upgraded the senior unsecured ratings to BB- from B+, with a Recovery Rating of RR4.

In addition, Fitch said it assigned an expected rating of BB- with Recovery Rating of RR4 to the company’s proposed benchmark notes to be issued by Sisecam UK plc and guaranteed by Sisecam.

Fitch also assigned a long-term local-currency IDR of BB- with a positive outlook.

The upgrade reflects the company’s credit enhancements, such as the recently established offshore hard-currency liquidity and growing offshore EBITDA generation, that allow a notch uplift above Turkiye's B+ country ceiling under Fitch’s Country Ceiling Criteria, the agency said in a news release.

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