Related Companies
|
[]
|
||||||||
Related Funds
|
[]
|
||||||||
English
|
|||||||||
oda_CreditRatingAbstract|
|
|
||||||||
oda_UpdateAnnouncementFlag|
|
|
Evet (Yes)
|
|||||||
oda_CorrectionAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_DateOfThePreviousNotificationAboutTheSameSubject|
|
|
11.11.2019
|
|||||||
oda_DelayedAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_AnnouncementContentSection|
|
|
||||||||
oda_ExplanationSection|
|
|
||||||||
oda_ExplanationTextBlock|
|
Fitch Ratings has upgraded Coca-Cola İcecek's ("CCI") Long-Term Foreign-Currency Issuer Default Rating ("IDR") and senior unsecured long-term rating by 2 notches to 'BBB-' from ‘BB'. The outlook on the rating is "Stable". The Long-Term Local-Currency IDR is affirmed at 'BBB-' and outlook is revised to "Stable" from "Negative".
The rating upgrade followed the change made to the applicable Country Ceiling for our Company to Kazakhstan (BBB+), where our Company generates sufficient cash flows to cover the group's hard currency interest expenses. The change of the Long-Term Local-Currency IDR Outlook to "Stable" from "Negative" reflects Fitch's expectations that continued challenges and pressures from the lockdown measures in key markets will have only moderate impact on CCI performance in 2020-2021.
In its report Fitch mentions that the moderate contraction due to Covid-19 to be supported by CCI's strong brand portfolio and resilience in the key sparkling category. Fitch also points to resilient cash flow generation, FX exposure at manageable level, conservative capital structure and operational and strategic relationship with The Coca-Cola Company as positive factors. Fitch mentions that CCI's ratings are moderately impacted by the challenging and volatile operating environment in its key markets, yet acknowledging that CCI has demonstrated strong track record of operating under the challenging conditions.
Further information related to credit ratings is available on our website, www.cci.com.tr. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.