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Fitch Ratings ("Fitch") has affirmed Long Term Foreign Currency Issuer Default Rating and Local Currency Issuer Default Rating of Anadolu Efes as "BBB-" with "Stable" outlook. The rating is supported by Anadolu Efes' leading positions in its core markets. Fitch continues to expect growth in profits as a result of good cost inflation pass-through, product portfolio premiumisation and stronger capability to retain market share in the important Russian market and maintaining strong position in the home market of Turkey. The rating affirmation also reflects Fitch's expectations that Anadolu Efes has the ability and the willingness through the rating horizon to maintain FFO Net Leverage at conservative levels. COVID-19 having only a mild impact on Company's operational performance with an expected recovery in 2021 together with the pricing ability and cost hedges in place as well as large hard currency cash balances which help to mitigate currency mismatch were mentioned among the key rating drivers. |
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.