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Bond Market News
TurkCell Upgraded to BB- by S&P
May 13, 2024
TurkCell, the Turkish mobile operator, has been upgraded by a notch to BB- from B+ by S&P. The upgrade follows the sovereign upgrade of Turkiye to B+ by S&P last week. TurkCell generates more than 90% of its revenues in Turkiye and is rated above the sovereign because it passes S&P’s hypothetical sovereign default stress test as a result of keeping 75% of its cash in hard currencies. S&P also has a positive outlook on the company reflecting the long-term rating on the sovereign and expectations of continuing solid operating performance.
Its bonds were stable with its 5.75% 2025s at 99.5 cents on the dollar, yielding 6.1%
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