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Bond Market News
Sisecam Downgraded to B2 by Moody’s
March 11, 2025
Turkish glass manufacturing company Sisecam was downgraded by a notch to B2 from B1 by Moody’s. The downgrade reflects Sisecam’s declining performance due to lower-than-expected sales volumes and pricing pressures across its key markets. In 2024, revenue fell 15% to TRY 186bn ($5.1bn), while EBITDA dropped 69% to TRY 13.9bn ($400mn). The company’s profitability has been hit by higher costs, inflationary pressures, and a stronger Lira affecting exports. Despite cost control efforts, Sisecam is not expected to generate positive free cash flow until 2027, according to Moody’s. The company has made strategic acquisitions in natural soda ash production but faces operational and financial strain amid weak demand and high capital investments. Performance is expected to remain weak in 2025, with potential improvement later in the year on the back of European demand.
Its bonds traded stable with its 8.25% 2029s at 101.8, yielding 7.73%.
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