Internatıonal Credit Rating Agency Standard & Poor’s upgrades Koç Holding’s Credit Ratings
International credit rating agency Standard & Poor’s (S&P) has raised Koç Holding’s long-term corporate credit rating from BBB- to BBB, and its short-term corporate credit rating from A-3 to A-2 while assigning a stable outlook. Koç Holding CEO Levent Çakıroğlu issued a statement about the development: “In 2015, we demonstrated a strong performance in an environment where we faced tough conditions globally. We continued to grow with our investment and export-driven strategy in the first quarter of 2016, as well. Having received this good news, we are proud of being listed by S&P as the company with the highest long- and short-term corporate credit ratings in Turkey.”
Underlining the resilient performance of the country’s economy in spite of global and local difficulties, the international credit rating agency S&P upgraded Turkey’s sovereign rating outlook from negative to stable on May 6. Subsequent to this upgrade, S&P upgraded Koç Holding’s long-term corporate credit rating to BBB and short-term corporate credit rating to A-2, with a stable outlook.
Levent Çakıroğlu: “We are proud to achieve another pioneering success.”
Koç Holding CEO Levent Çakıroğlu issued a statement about the upgrade, noting that the Holding was listed by S&P as the company with the highest long-term and short-term corporate credit ratings in Turkey. He also pointed out that S&P and Moody’s assigned an ‘investment grade’ long-term corporate credit rating to Koç Holding in 2013, which was a pioneering success at that time. Mr. Çakıroğlu continued: “Our Group has been one of the building blocks of Turkey’s economic expansion with investments exceeding TL 26 billion over the last four years. As we work with all our might for our country, we’re also taking firm steps towards our global targets. We executed a successful Eurobond issue in March. In the same month, the international credit rating agencies S&P and Moody’s maintained our ‘investment grade’ status while S&P raised our outlook to positive. And today, we proudly received the good news about the upgrade both in our long- and our short-term corporate credit ratings. I believe this latest upgrade, which took place during a challenging period dominated by geopolitical risks, is the result of our solid corporate structure, strategic approach, competitive business models, and effective risk management policies.”