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Bond Market News

Ulker Upgraded to BB- and BB by Fitch and S&P

June 28, 2024

Credit Ratings
High Yield Bonds

Ulker Biskuvi was upgraded to BB and BB- by S&P and Fitch respectively. Both the upgrades come on back of the refinancing plan by the Turkish confectionery manufacturer for its $600mn 6.95% bond due October 2025, which will improve its debt maturity profile, mitigating the near-term liquidity risks. Ulker holds a leading position in its main geographical markets with a strong market share, and has grown profitably across segments and regions. S&P expects Ulker to sustain strong profitability driven by volume recovery, new product innovation, and marketing investment, forecasting an overall revenue increase of 40-45% in FY2024. Fitch has a positive outlook on Ulker, while S&P has a stable outlook on the company.

Ulker’s 6.95% 2025s were trading stable at 101, yielding 6.14%.

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Bond Market News

Ulker Upgraded to BB- and BB by Fitch and S&P

Credit RatingsHigh Yield Bonds

Looking for more ?

Credit Ratings
High Yield Bonds