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Bond Market News
Turk Telekom Upgraded to BB- on Successful Bond Raise
May 24, 2024
Turk Telekom and its senior unsecured debt were upgraded by a notch to BB- from B+ by S&P. The upgrade follows the $500mn dollar bond issuance by the company last week along with $455mn of committed credit lines signed by the company, which led to strengthening the liquidity position of the company and extending its weighted-average debt maturity profile. As the company generates most of its cash flows in Turkiye, S&P has capped its ratings to BB- based on Turkey’s B+ rating. S&P has a positive outlook on Turk Telekom reflecting the positive outlook on Turkey.
Turk Telekom’s dollar bonds were stable with its 7.375% 2029s at 100.1, yielding 7.35%
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