RATINGTICKER
Source Issuer Rating
AA_DE INTER Krankenve.. A+
AA_DE Sueddeutsche Kr.. A+
AA_DE ALTE OLDENBURGE.. A++
AA_DE Rhion Versicher.. A
AA_DE Credit Life AG A
NEWS
JCRER - 2017-09-29
JCR Eurasia Rating has reaffirmed the credit ratings of the consolidated structure of “Boyner Perakende ve Tekstil Yatırımları Anonim Şirketi and its Subsidiary “and “Cash Flows Relating to the Outsta

JCRER - 2017-09-29
JCR Eurasia Rating has reviewed and affirmed the credit ratings of T.C. Ziraat Bankası A.Ş. and its Consolidated Structure as ‘AAA (Trk)’ on the Long Term National scale and ‘BBB-‘ on the Long Term In

JCRER - 2017-09-27
JCR Eurasia Rating has affirmed the credit ratings of Şekerbank T.A.Ş. as ‘AA-(Trk)’ on the Long Term National Scale and as ‘A-1+(Trk)’ on the Short-Term National Scale in the periodic annual review a

News

JCR Eurasia Rating has reaffirmed the credit ratings of the consolidated structure of “Boyner Perakende ve Tekstil Yatırımları Anonim Şirketi and its Subsidiary “and “Cash Flows Relating to the Outsta

2017-09-29
JCR Eurasia Rating has evaluated “Boyner Perakende ve Tekstil Yatırımları Anonim Şirketi and its Subsidiaries “and “Cash Flows Relating to the
Outstanding Bond Issues” in an investment grade category on a national and international level and reaffirmed at ‘BBB (Trk)’ on the Long Term National
Scale. Its Long Term International Scale has been reaffirmed at ‘BBB-’. Other notes and details of the ratings are given in the table below:
Long Term International Foreign Currency : BBB- / (Stable Outlook)
Long Term International Local Currency : BBB-/ (Stable Outlook)
Long Term National Local Rating : BBB (Trk) / (Stable Outlook)
Long Term National Issue Rating : BBB (Trk)
Short Term International Foreign Currency : A-3 / (Stable Outlook)
Short Term International Local Currency : A-3 / (Stable Outlook)
Short Term National Local Rating : A-3 (Trk) / (Stable Outlook)
Short Term National Issue Rating : A-3 (Trk)
Sponsor Support : 2
Stand Alone : B
Boyner Perakende ve Tekstil Yatırımları A.Ş.’s roots go back to the establishment of Altınyıldız Mensucat ve Konfeksiyon Fabrikaları A.Ş. in 1952.The Group
has been listed since 1991 and adopted its current name following the re-structuring in 2014.The Group has 12 affiliates and 4 subsidiaries reaches its
customers through 365 stores dispersed nationwide, online sales channels and various brand labels along with an effective sales network.
The ready-to-wear sector, which is one of the important fields in Turkey's production portfolio, has seen a significant growth acceleration in recent years.
The sector is highly correlated with GDP growth. The appropriateness of the demographic structure in the country and its hinterland, the prominence of
customer segmentation through branding, the increase in household spending, consumption trend in terms of fashion-brands and the expansion of shopping
malls and alternative payment methods, such as credit cards, played important role in the rapid development of the ready-to-wear retail sector. The sector,
which has already been serviced under many different brands to different socioeconomic clientele and with a large number of players, has become a market
that has gone beyond the classical retailing system with the spread of e-commerce in recent years and hosted different business models and players in it. In
2016, the sector contracted due to the deterioration of domestic and foreign demands while starting to recover in the first quarter of 2017.
The Company’s National Long Term Scale Note has been reaffirmed at BBB (Trk) level taking into account its geographic spread, responding to consumer
demand thanks to nationwide sales network in Turkey, increasing importance of the online sales channel in the revenue stream, improvement in net sales
to per square meter, before and after sales service customer satisfaction, continuous increase in the gross profit level through its pricing policy, improvement
in asset quality indicators for years, strengthened balance sheet composition against internal and external shocks based on a high level of quality of the
receivables, reaching wide range of society through product portfolio, experienced management team in risk management and compatible organizational
structure with the size of the of the company’s assets ,the level of institutionalization, maturity transformation of financial debt structure to long term and
the increase of foreign shareholding. The high level of the Company's current level of indebtedness, the lack of capacity to internal equity generation remain
risk factors while the improvement in cash flows is reflected as a balancing factor.
The Company’s outlook in the long-term national local notch perspective has been affirmed by JCR-ER as ‘’Stable” with the opinion that the expectation of
improvement in sales revenues and EBITDA generation will continue in the coming periods, the increase in demand in the sector, strengthening the equity
level that underwent erosion through capital construction and supporting cash flows. The developments in the sector, impact of operational costs on
profitability, competition level in the sector, the level of net debt ratio, internal equity generation capacity will continue to be monitored by JCR Eurasia
Rating. Company’s international notches have been restricted with the Turkey’s sovereign ratings, where the company’s major part of the activities is being
carried out. The notches and changes in outlook depend upon the continuity in the group's cash flow, stabilization of current equity to total debt ratios at
higher levels through the generation of operational internal resources and the maintain the receivables quality.
The resources planned to be raised from the debt issue will be carried within the Company’s balance sheet and as such no separate issue rating report will
be documented and the resources have been analysed within the current credit rating report. As the bonds to be issued has no differentiation in comparison
to the Company’s other liabilities from a legal and collateralization perspective, the corporate credit ratings also reflect the Group’s issue ratings.
However, taking into consideration the willingness of the qualified shareholder, namely Boyner Holding A.Ş., Mayhoola for Investments LLC and other
shareholders to support the Company along with their financial strength, the Company’s scale, the contribution that will be provided by planned investments
and sectoral expansion, the Sponsor Support grade of Boyner Perakende ve Tekstil Yatırımları A.Ş., has been affirmed at (2). Taking into account the
Company’s capability to manage the incurred risks regardless of shareholder support, internal equity generation capacity and current capitalization level,
the grade in the Stand-Alone category has been affirmed as (B).
For more information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact with our chief analyst Mr. Orkun İNAN.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating has reviewed and affirmed the credit ratings of T.C. Ziraat Bankası A.Ş. and its Consolidated Structure as ‘AAA (Trk)’ on the Long Term National scale and ‘BBB-‘ on the Long Term In

2017-09-29
JCR Eurasia Rating has affirmed the highest-level investment grade credit rating of ‘AAA (Trk)’ on the Long Term National Scale and along with ‘Stable’ outlooks to “T.C. Ziraat Bankası A.Ş. and its Consolidated Structure”. JCR Eurasia Rating has also affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:
Long Term International Foreign Currency : BBB- / (Stable Outlook) Long Term International Local Currency : BBB- / (Stable Outlook) Long Term National Local Rating : AAA (Trk) / (Stable Outlook) Short Term International Foreign Currency : A-3 / (Stable Outlook) Short Term International Local Currency : A-3 / (Stable Outlook) Short Term National Local Rating : A-1+ (Trk) / (Stable Outlook) Sponsor Support : 1 Stand Alone : A
T.C. Ziraat Bankası A.Ş., established in 1863 as the first example of national banking, is accepted as one of the oldest bank in the Turkish Banking Sector as the bank having the longest operating history. Along with the business model transformation process that has been implemented, the Bank has improved its financial intermediation function since 2011 by credit driven growth. Moreover, the Bank continued its positive contribution to the development of the sector and the national economy through its sector leading widespread branch network and large deposit base together with its expanding service variety and wide customer base including firms and individuals of all sizes from all sectors, particularly the agriculture.
The Bank, having shaped corporate and retail banking activities in line with the needs of the country's economy, is an integrated financial services provider through its subsidiaries and affiliates, including portfolio management, leasing, brokerage houses, private pensions, insurance, participation banking and real estate investment trusts. The Bank, which leads the sector with its asset size, credit volume, deposit base, equity, paid-in capital, net profit and widespread branch network, continued its positive differentiation in profitability indicators by achieving an above sector interest margin improvement through the advantages of increased operational efficiency, successful expense management, ongoing and further development envisaged resource diversity, and increasing average maturity of deposits.
Although the disposal of certain non-performing loans that have lost their collectability through transfer to asset management companies is a widespread sector practice, the banks with public shares were entitled with this right and the implementation process was clarified through the regulations realized in the current year. However, the Bank also differentiated positively from the sector regarding the asset quality thanks to its NPL level maintained at approximately half of the sector average and contribution generated by full provisioning of non-performing loans except fund originated. The Bank’s year-end capitalization level, suppressed by above sector average increases in risk weighted assets, stands at a level that could absorb the negative effects of contingent and unexpected risk factors arising from domestic and global markets and meet minimum legal requirements. Besides the scale power of the Bank and the group, determinant position in the formation of sectoral indicators, national significance and public impact area, the upward acceleration in the earning power of corporate banking, mass banking and international banking activities through business model transformation process and the profitability and asset quality indicators differentiating positively from the sector are the main factors behind the Bank’s Long Term National Grade of ‘AAA (Trk)’ with ‘Stable’ outlook.
Within the context of its role in the financial markets and national economy, shareholding structure and dependent public authority, improved asset quality, maintained funding sources diversity, ongoing improvement in financial intermediary activities, improved operational efficiency and profit generation capacity, wide branch network, and diversified financial services, the Bank’s ‘Sponsor Support’ and ‘Stand Alone’ notes have been assessed as the highest ranks of (1) and (A), respectively, under JCR Eurasia Rating’s notation system.
For more information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Gokhan IYIGUN.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating has affirmed the credit ratings of Şekerbank T.A.Ş. as ‘AA-(Trk)’ on the Long Term National Scale and as ‘A-1+(Trk)’ on the Short-Term National Scale in the periodic annual review a

2017-09-27
JCR Eurasia Rating has evaulated Şekerbank T.A.Ş in a high level investment category and affirmed the credit ratings as ‘AA- (Trk)’ on the Long Term National Scale and as ‘A-1+ (Trk)’ on the Short Term National Scale and revised its outlooks to ‘Stable’. On the other hand, the Long Term International Local and Foreign Currency ratings have been affirmed as ‘BBB-’. Other notes and details of the ratings are given in the table below.
Long Term International Foreign Currency
:
BBB- /(Stable Outlook)
Long Term International Local Currency
:
BBB- /(Stable Outlook)
Long Term National Local Rating
:
AA-(Trk) /(Stable Outlook)
Short Term International Foreign Currency
:
A-3 /(Stable Outlook)
Short Term International Local Currency
:
A-3 /(Stable Outlook)
Short Term National Local Rating
:
A-1+(Trk)/(Stable Outlook)
Sponsor Support
:
2
Stand Alone
:
AB
In line with its mission and an operational track record exceeding 60 years, Şekerbank T.A.Ş. which has a widespread customer base in the field of SME and agricultural banking, is an integrated financial institution with its subsidiaries and affiliates operating in the fields of capital markets, factoring, leasing and mortgages. The Bank’s management put into place a series of measures regarding the increase of effectiveness, productivity and asset quality in FY2016. Within this regard, the Bank underwent a contraction to some extent in contrast to the growth observed in the wider sector largely stemming from the re-assessment of credit limits at the branch and regional level, the non-extension of credits to customers that remained below a certain score in the internal rating systems, the change of collateral conditions in the issued loans, close monitoring of impaired loans and collection performance along with re-structuring in order to provide services at a rational scale by reducing the number of personnel and branches.
The profit and profitability ratios of the Bank which displayed a below sector average performance with respect to deposit and loan growth along with the return on assets and equity throughout FY2016 as in the previous year, exhibited a significant rise in comparison to the previous year. Following the acquisition of 9.43% of shares held by BTA Securities JSC for a value of TRY 175mn, the capital adequacy ratio of the Bank approached the limits envisaged in the BRSA regulations stemming from the aforementioned transaction and the redemption of sub-ordinate loans. However, as of June, 2017 it underwent a significant increase owing to the effects of both the BRSA regulations that came into effect in in 2017 along with the sub-ordinate loan of USD 85mn obtained in June. Despite the mentioned increase, the Bank’s capital adequacy ratio maintains its below sector average level. The above sector average level of non-performing loans among total loans and the relatively low level of provisioning are factors that maintain pressure on the asset quality. Despite the maintenance of high interest margin, the operating expenses and the provisions set for non-performing loans, continued to exert significant pressure on the Bank’s net profit throughout FY2016. In the 1H2017, an improvement was recorded in the ratio of non-performing loans due to both the high level of growth in the issued loans within the context of the Credit Guarantee Fund and the measures taken. The maturity mismatch and the pressure exerted on liquidity management by a deposit term structure with a maturity of less than 3 months also holds true for Sekerbank. Sekerbank which has a resource structure resembling that of the sector, diversified its resource structure via the funds obtained from various foreign funding resources overseas, contributes to its liquidity management and increases its international integration.
Taking into consideration the improvements recorded in the capital adequacy ratio and asset quality to a limited extent, the improvements made in the collateral structure of cash loans, the regulations of legal authorities generally supporting production and employment along with the positive contribution provided by the steps taken to improve the level of risk-weighted assets, provisions, capital and liquidity levels of the banking sector in the 1H2017, the outlook of the Bank’s Long and Short-term National Ratings have been converted from “Negative” to “Stable”. Taking into account, the Bank’s shareholder structure, balance sheet composition, capital adequacy, capability to access international markets and obtain funding, ability to generate internal resources and retention of generated internal resources, SME loans portfolio, collaboration with international financial institutions, provision of support for the financing of projects with the aim of increasing energy productivity, risk appetite and corporate governance practices, the long term international foreign and local currency ratings have been affirmed at the country ceiling level of BBB-. Developments in profitability, capital adequacy and impaired receivables portfolio are the factors that will be kept closely under review in the upcoming period.
The fiscal strength of the Bank’s shareholders and willingness to support the Bank have been affirmed as (2), whilst the Stand-Alone grade, referring to the ability of the Bank to manage the incurred risks regardless of shareholder support, has been determined as (AB). The (AB) grade in the Stand-Alone category and the (2) grade in the Sponsor Support category denote “High” and “Sufficient” levels, respectively, based on JCR Eurasia Rating’s notation system.
For more information related to the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Şevket GÜLEÇ.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating, in its periodic review, has evaluated Global Liman İşletmeleri A.Ş. and upgraded the rating to ‘A (Trk)’ on the Long Term National Local Scale. The Short Term National Rating and t

2017-09-26
JCR Eurasia Rating, in its periodic review, has evaluated “Global Liman İşletmeleri A.Ş.” in a high-level investment category at the national level and upgraded its long-term national rating as ‘A(Trk)’. The Company’s Long Term International Foreign and Local Currency Ratings have been affirmed as ‘BBB-’ with ‘Stable’ outlook of all notes. Other notes and details of the ratings are given in the table below.
Long Term International Foreign Currency
:
BBB- / (Stable Outlook)
Long Term International Local Currency
:
BBB- / (Stable Outlook)
Long Term National Local Rating
:
A (Trk) / (Stable Outlook)
Short Term International Foreign Currency
:
A-3 / (Stable Outlook)
Short Term International Local Currency
:
A-3 / (Stable Outlook)
Short Term National Local Rating
:
A-1 (Trk) / (Stable Outlook)
Sponsor Support
:
1
Stand Alone
:
AB
Global Liman İşletmeleri A.Ş. was established in 2004 as an affiliate of Global Yatırım Holding A.Ş. which operates in 6 main sectors (Port Management, Electricity Generation, Gas, Mining, Real Estate Investment Trust and Financial Services) with 6 associates and 64 subsidiaries. Global Liman İşletmeleri A.Ş. operates primarily in commercial port operations including containers, bulk cargo and general cargo operations, as well as cruise line operations serving cruise line, ferries, yachts and mega yachts. Nationally, the Company operates the Ege Ports in Kuşadası, which hosts the busiest cruise passenger traffic in Turkey, Port Akdeniz in Antalya and Bodrum Cruise Port in Muğla and internationally operates in Barcelona Cruise Port and Malaga Cruise Port in Spain, the Port of Adria (Bar Port) in Montenegro, Lisbon Cruise Port in Portugal, the Singapore Cruise Port in Singapore, the Valletta Cruise Port in Malta and the Dubrovnik Cruise Port in Croatia. The Company has increased its international operations through new acquisitions where Global Liman has added the Venice Cruise Port in Italy, the Ravenna Cruise Port, the Cagliari Cruise Port and the Catania Cruise Port to the operational structure by FYE2016. In addition, the Company has increased its efficiency by adding the La Spezia Cruise Facility to its scope, which provides transportation to cruise passengers in Portovenere. Global Liman has become one of Europe’s largest cruise operators with 14 ports’ management in 8 countries with a cruise capacity of over 7 million and owing to the services provided to cruise ships and passengers and high market share expanding its activities on a wide geography, the Company has gained flexibility against fluctuations stemming from geopolitical risks.
In the first half of 2017, Global Ports Holding Plc, which owns Global Liman İşletmeleri A.Ş., was established in England and has proven its success in the international market with its public offering on the London Stock Exchange, one of the most important global financial centers in the UK. With the cash created by this public offering, the Company aims to increase the number of its ports from 14 to 25 and the number of passengers from 7.8 million to 25 million with expansion to the Caribbean and Asian Regions on the basis of its business model in different countries and geographies.
The continuous contribution of sustainable sales revenue to profitability, position as one of the major players in the cruise ship sector, low concentration risk due to international port operations, monopoly-like outlook due to the location of ports, expansion of operations through international investments in port management and cruise sector thanks to a strong presence via successful acquisitions promising progressive income generations, business development strategies, long-term maturity structure of financial borrowings mitigating financial risk adversities thanks to successfully issued unsecured Eurobond in overseas financial markets, eased liquidity management due to the public offering on the London stock market, strong EBITDA margin despite downward profitability ratios providing sustainability and expansion of operations, increased visibility for future revenues arising from the Company’s ongoing investments, largely eliminated FX risk through matching service revenues denominated to a large extent in foreign currencies, corporate governance practices strengthened after the public offering on the London stock exchange, strengthened balance sheet composition and asset quality by collecting receivables from Global Yatırım Holding A.Ş. in 2017 are factors contributing positively to the determination of the Company’s notes. The liquidity opportunities of Global Liman’s qualified shareholder gained from the IPO will also positively affect the liquidity position of Company and it will also be useful to fulfill its financial liabilities and played a role in the upgrade of Company’s Long Term National Note from ‘A- (Trk)’ to ‘A (Trk)’.
On the other hand, volatility in profit and profitability ratios due to high debt ratios; aggressive acquisition strategy dependent on external resources; pressures on equity from the dividend distribution policy limiting internally generated funds to the equity base; the limited effect on profitability due to increasing amortizations; rising activity and financing expenses; global risks; fluctuations in risk appetites due to regional tension stemming from political and economic developments; and risks provided by the current conjecture are all issues stressing the Company’s notes. Although the Company has experienced a downward momentum in commercial and cruise revenue in Turkey due to macro political risks, it has also strengthened its potential to generate revenues through side income from such as fiber optic internet connection, water and waste disposal services and by expanding operations abroad. In addition, ongoing international port investments and operational structure spread over a wide range of area and their contribution to the Company balance sheet, access to long term funding resources in order to fund new investments and how to evaluate the cash generated by the public offering process on the London Stock Exchange, the attainability of the Company’s future growth plan and the generation of internal resources and cash flows are the major issues that will be kept under review in the upcoming period.
Global Ports Holding Plc, the sole controlling shareholder established in England and publicly offered on the London Stock Exchange, is considered to have the willingness and experience to ensure long-term liquidity and equity within their financial capability when required and to provide efficient operational support to “Global Liman İşletmeleri A.Ş.”. Regarding the financial figures of the main shareholder and its recent IPO, the Sponsor Support note of the Company has been upgraded to “1” in JCR Eurasia Rating’s notation, denoting a strong external support possibility. Considering the fact that Global Ports Holding PLC is a qualified shareholder of Company, will strengthen the protection of Company's financial position.
On the other hand, taking into account the Company’s strong equity level, internal equity generation capacity, high EBITDA margin generation capacity, asset quality, strong reputation in the sector, geographically widening operational structure, joint ventures with international companies, group synergy, foreign currency income generation capacity, access to long term funding resources in international arena and experienced management team, we, as JCR Eurasia Rating, are of the opinion that the Company has reached the level of adequate experience and facilities to manage the incurred risks on its balance sheet regardless of any assistance from the shareholders. Within this context, the Stand Alone grade of the Company has been determined as (AB) in the JCR Eurasia Rating notation system, indicating a high level.
For more information related to the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Ms. Merve HAYAT.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating, in its periodic review, has upgraded ‘Global Yatırım Holding A.Ş.’ and its ‘Cash Flows of Bond Issues’ to ‘BBB+ (Trk)’ on the Long Term National Local Scale and to ‘A-2 (Trk)’ on t

2017-09-26
JCR Eurasia Rating has evaluated ‘Global Yatırım Holding A.Ş.’ in an investment-level category on the national and international scales and upgraded the ratings on
the Long Term National Scale from ‘BBB (Trk)’ to ‘BBB+ (Trk)’ and the Short Term National Scale from ‘A-3 (Trk)’ to ‘A-2 (Trk)’ within the scope of periodic review.
The outlooks for the ratings are determined as ‘Stable’. Additionally, JCR Eurasia Rating has confirmed the Long Term International Foreign and Local Currency Ratings
as ‘BBB-’. Other notes and details of the ratings are provided below.
Long Term International Foreign Currency : BBB-/ (Stable Outlook)
Long Term International Local Currency : BBB- / (Stable Outlook)
Long Term National Local Rating : BBB+ (Trk) / (Stable Outlook)
Long Term National Issue Rating : BBB+ (Trk)
Short Term International Foreign Currency : A-3 / (Stable Outlook)
Short Term International Local Currency : A-3 / (Stable Outlook)
Short Term National Local Rating : A-2 (Trk) / (Stable Outlook)
Short Term National Issue Rating : A-2 (Trk)
Sponsor Support : 2
Stand Alone : B
Global Menkul Değerler A.Ş., founded in 1990 as one of the first companies in the Turkish brokerage sector, evolved into ‘Global Yatırım Holding’ which invests in
several industries and enlarged its business scope throughout the years. The Holding, active since 2004, currently operates in 6 main sectors (Port Management,
Electricity Production, Naturel Gas, Mining, REIT, and Financial Services) with 6 investment in associates and 64 subsidiaries. In addition to the fact that the Holding’s
shares are publicly traded in Borsa Istanbul (BIST), ‘Global Ports Holding Plc’ shares are listed in London Stock Exchange in recent months. The subsidiaries Global
Liman operatesin 8 countries with 14 ports, Naturel Gazfocuses on sales and distribution of compressed natural gas (CNG), Tres Energy on energy efficiency, Straton
Maden on mining, while Pera GYO operates in real-estate business throughout Turkey with house and mall construction projects. In addition, Global Menkul Değerler
provides non-bank financial services such as brokerage, consultancy, and wealth management.
The Holding, which closed the year with a net loss in 2016, failed to generate net profits in the first two quarters of 2017. When the income statement is examined,
it can be seen that the operational profitability of the Group companies and the production of EBITDA are at an adequate level; however, it has been understood
that net profit generation couldn’t be realized due to the high cost of finance as well as the depreciation expenses, which are due to the large capital investments.
On the other hand, increase in EBITDA production over the period despite net loss recorded, capital increase allocated to F.A.B. Partners in the current year, cash
inflow provided by IPO of ‘Global Ports Holding Plc’ in London Stock Exchange, declining trend in financial expenses thanks to cash inflow mentioned, and dramatic
decrease in the debt ratio of the Holding in the first half of 2017 are deemed as positive indicators. The high share premium earned from the shares sold to 'F.A.B.
Partners' and the trading on the London Stock Exchange increased the Holding's cash balance dramatically. Parallel to that, the financial expenses have decreased
and the quality of the Holding’s balance sheet increased. In addition to the port operations, it has been concluded that operational profitability is at a satisfactory
level in energy and real estate areas. The Group's already high level of corporate governance standards is further enhanced after ‘Global Ports Holding Plc’ is quoted
on the London Stock Exchange and it has been considered as an important step for the Holding to be a ‘global’ group as stated on its name. In the lights of the things
mentioned at all, Global Yatırım Holding’s Long Term National Grade has been upgraded by one notch and assigned as ‘BBB+ (Trk)/Stable’. No separate rating report
has been compiled as the resources obtained from the bond issue will be carried in the Holding’s balance sheet and was subject to analysis in the corporate credit
rating report. The planned bond issue carries no difference in comparison to the Holding’s other liabilities with respect to its legal standing and collateralization, as
such the notations outlined in the corporate credit rating report also reflect the issue rating.
The macroeconomic indicators at national and international markets, as well as changes in financing costs, profitability perf ormance and equity level are to be
primarily monitored by JCR Eurasia Rating. Effects of the failed coup attempt in 2016, restructuring of the state organs and the prolonged State of Emergency
applications as well as the result constitutional changes on the Holding will continue to be monitored.
The main shareholders of Global Yatırım Holding are deemed adequate in terms of financial power considering the diversification of sectors involved and competitive
advantage. In this regard, the major shareholders have the adequate willingness and experience to ensure long-term liquidity and equity within their financial
capability when required and the Company's Sponsor Support Grade has been determined as (2) in JCR Eurasia Rating’s notation.
The Stand-Alone grade, denoting the Holding’s ability to fulfil the liabilities with its own resources, has been determined as (B) in the JCR Eurasia Rating notation
system, considering the high EBITDA generated from port management business, cash balance and the current equity level.
For detailed information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Utku KARAGÜLLE.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating, has evaluated “Ata GYO A.Ş.” and “Cash Flows of Bond Issues” and affirmed the ratings as BBB (Trk)/Stable on the Long Term National Local Scale and BBB-/Stable on the Long Term Int

2017-09-26
JCR Eurasia Rating has evaluated ‘Ata GYO A.Ş.’ in an investment-level category on the national and international scales and affirmed the ratings on the Long Term National Scale as ‘BBB (Trk)’ and affirmed the Short Term National Scale as ‘A-3 (Trk)’. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Outlooks for aforementioned ratings are determined as ‘Stable’. Other ratings and details of the ratings are provided below:
Long Term International Foreign Currency
:
BBB- / (Stable Outlook)
Long Term International Local Currency
:
BBB- / (Stable Outlook)
Long Term National Local Rating
:
BBB (Trk) / (Stable Outlook)
Long Term National Issue Rating
:
BBB (Trk)
Short Term International Foreign Currency
:
A-3 / (Stable Outlook)
Short Term International Local Currency
:
A-3 / (Stable Outlook)
Short Term National Local Rating
:
A-3 (Trk) / (Stable Outlook)
Short Term National Issue Rating
:
A-3 (Trk)
Sponsor Support
:
2
Stand Alone
:
B
Ata Gayrimenkul Yatırım Ortaklığı A.Ş. (Ata GYO), a publicly investment trust company, was established as Ata Yatırım Ortaklığı A.Ş. in 1997 and obtained its current title and statue in 2012 upon conversion to an incorporated company. As a compulsory legal requirement relating to real estate investment trusts determined by the Capital Markets Boards of Turkey, Ata GYO is a publicly listed company and the shares are traded in Borsa Istanbul with the ticker of ATAGY. Ata GYO is a group company of Ata holding, whose roots are back to the company named ‘Seri Insaat’, contractor of ‘Ataturk Barajı Project’ and founded over 45 years ago. Today, Ata Holding operates in several sectors like finance, food, textile, construction. Ata GYO focuses on street retail investments and projects a high yield portfolio of geographically diversified commercial real estate properties providing rental income and increased value.
Ata GYO’s business cycle is mostly based on earning rental revenue from its property portfolio. Majority of current tenants are fast-food restaurants under the brand of Burger King, Popeyes, and Sbarro operated by ‘Tab Gıda’, which is a group company of Ata Holding. It promises a sustainable cash flow to Ata GYO that the tenants are the companies of Ata Holding and the rental contracts are signed in long-term scale. The properties that the Company have are not concentrated in a specific region or Istanbul city. Instead, the Company has real estates in cities located in Anatolia like Ordu, Giresun, Kayseri, Adana, and Kocaeli. The strategy of geographical diversification mitigates the local risks may the Company face with and it gives an advantage to the Company to fast mover of a new market.
The Company, that closed the year of 2016 with positive net profit just like in 2015, distinguishes itself with strong paid-in capital, low debt ratio, active participation in private sector bond market, geographical diversification of its portfolio, and steady revenue structure. As a company listed in Borsa Istanbul (BIST), Ata GYO exhibits maximum effort in being compliant with Corporate Governance Principles. The Company operates with an efficient business model thanks to the operational support from Ata Holding which harbours the Company as the group. On the other hand, deterioration in Net Working Capital and liquidity ratios, slowdown in cash flow velocity in 2016, shortened funding maturity due to the issued bond classified under short term liabilities and a potential contraction in retail business market that might directly decline demand for the Company’s operations are deemed as negative indicators. All in all, considering the risk mitigating factors of asset quality, low debt ratio, stable cash generation capacity, and geographically diversified portfolio; the Company’s outlooks in the short and long term perspective have been determined as ‘Stable’ and the Long Term National Grade affirmed as ‘BBB (Trk)’. No separate rating report has been compiled as the resources obtained from the bond issue will be carried in the Company’s balance sheet and was subject to analysis in the corporate credit rating report. The planned bond issue carries no difference in comparison to the Company’s other liabilities with respect to its legal standing and collateralization, as such the notations outlined in the corporate credit rating report also reflect the issue rating.
The macroeconomic indicators at national and international markets, as well as changes in financing costs, profitability performance and equity level are to be primarily monitored by JCR Eurasia Rating. Effects of the failed coup attempt in 2016, restructuring of the state organs and the prolonged State of Emergency applications as well as the result constitutional changes on the Holding will continue to be monitored.
It is inferred that Ata GYO is in tight relationship with the Group, Ata Holding, based on the fact that the service suppliers and tenants of the Company are subsidiaries of Ata Holding. It is considered that the Group, successfully operates in several sectors over 45 years, and the other real person investors have the adequate willingness and experience to ensure long-term liquidity and equity within their financial capability when required and to provide efficient operational support to Ata GYO. In this regard, the Company's Sponsor Support Grade has been determined as (2) in JCR Eurasia Rating’s notation.
Taking into account the Company’s current equity level, ongoing operations, liquidity availability, and internal equity generation capacity, we, as JCR Eurasia Rating, are of the opinion that the Company has reached the level of adequate experience to manage the incurred risks on its balance sheet regardless of any assistance from the shareholders, if it preserves its current customer level, efficiency, and existing macroeconomic level in the market. Within this context, the Stand Alone grade of the Company has been determined as (B) in the JCR Eurasia Rating notation system.
For detailed information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Utku KARAGÜLLE.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating has evaluated “Sur Yapı Endüstri Sanayi ve Ticaret A.Ş.,Real Estate Development and Energy Companies” within an investment grade category and upgraded the Long Term National Local R

2017-08-23
JCR Eurasia Rating, by assessing “Sur Yapı Endüstri Sanayi ve Ticaret A.Ş.,Real Estate Development and Energy Companies” in its periodic review, has upgraded its credit rating to ‘BBB+ (Trk)’ from ‘BBB (Trk)’ on the Long Term National Scale along with ‘Stable’ outlooks for all notes. The Long Term International Foreign and Local Currency ratings were affirmed as ‘BBB-’. Other notes and details of the ratings are given in the table below.
Long Term International Foreign Currency
:
BBB- /(Stable Outlook)
Long Term International Local Currency
:
BBB- /(Stable Outlook)
Long Term National Local Rating
:
BBB+ (Trk) /(Stable Outlook)
Short Term International Foreign Currency
:
A-3 /(Stable Outlook)
Short Term International Local Currency
:
A-3 /(Stable Outlook)
Short Term National Local Rating
:
A-2 (Trk)/(Stable Outlook)
Sponsor Support
:
2
Stand Alone
:
B
Sur Yapı Endüstri Sanayi ve Ticaret A.Ş., Gayrimenkul Geliştirme ve Enerji Şirketleri, established in 1992 under the ownership of the Elmas Family, operates in the fields of real estate development, energy and contracting. With an operational track record dating back more than 25 years, Company activities cover all aspects of development from the project, development, architecture, construction and production stages to the turnkey phase under its prominent “Sur Yapı” brand. As such, the Company and has become one of the most well-established players in the Turkish Construction Sector. The Company has built many remarkable projects such as Exen Istanbul, Vitrin, Idilia, Tilia, Metrogarden, and Corridor. Aside from housing projects, the Company develops real estate projects including residences, offices and shopping centers, reinforcing the brand image. Sur Yapı completed the Axis İstanbul Shopping Mall in May 2016 and the Bursa Marka Shopping Mall in July 2017. When taking into consideration together with the Axis Kağıthane and Metrogarden Shopping Mall projects operationalized in 2013 and 2014, respectively, it is thought that the Group has reached a scale that can be regarded as important in the Shopping Mall segment. Sur Yapı entered the energy sector by taking into operation of Aksu HEPP having a 6 MW capacity in 2014. With the Elmalı RES and Kurtini RES projects to be completed in 2017, the installed capacity will reach 29 MW.
Outperforming the larger construction sector with respect to asset growth within the examined time frame, the Company aims to maintain its rapid growth through new projects and effective sales, thus increasing its market share and improving its brand value. Sur Yapı significantly increased its sales volume thanks to ongoing prestigious projects in locations such as Kadıköy, Üsküdar, Güneşli, Sancaktepe, Sultanbeyli in Istanbul and effective marketing policies. The Company has also generated considerable amounts of revenues from the principal activities and continued its growth in 2016. Rising revenue streams derived from core activity fields and the revaluation of its investment real estate portfolio in the balance sheet provided Sur Yapı with an important source of profitability and growth opportunities in the last 4 years. Furthermore, the financing of a considerable part of the Company’s activities with customer advances supports the liquidity position and limits the need for external resources. On the other hand, foreign currency risk stemming from financial liabilities based on project finance agreements exposes the Company to fluctuations in money markets. However, the foreign currency denominated rental income provided by the completed and the ongoing business and shopping centers is expected to balance out the currency risk. In addition, the long-term nature of a considerable part of its financial liabilities eases liquidity management.
The outlook of the construction sector, the development of which remains highly susceptible to changes in domestic and international macroeconomic circumstances, is likely to come under pressure in 2017 and onwards resulting from the exposure to interest rates and currency movements, which carry the potential to impact investor risk appetite and preferences. However, the Company’s internal cash generating capacity, large scale projects located largely in central and upcoming districts where demand growth continues, strong brand image, foreign currency denominated rental income that will be provided by the completed business and shopping centers in the near future and diversified asset portfolio encompassed by projects that appeal to different income groups with price options on a broader scale lay the foundations for the one-notch upgrade of the Company’s Long Term National Grade to BBB+ (Trk). In the current environment, the current level of capitalization, continuity of its sales opportunities and its capacity to reach external resources will ensure the continuity of Company activities provided that economic and political conditions do not undergo a sudden and severe deterioration. On the other hand, probable changes on foreign exchange rates and housing demand that might stem from developments in the global economy and monetary policies and the Company’s cash flow generation continuity from ongoing projects together with the trend of profitability indicators are the major issues that will be kept under review in the upcoming period.
Taking into account its prestigious position and long-term growth potential in the sector, it is considered that the Company’s qualified shareholder, the Elmas Family, possesses the necessary financial strength and willingness to supply long-term liquidity and equity and efficient operational support to the Company should such a need arise. In this regard, the Company’s Sponsor Support grade has been determined as (2) in JCR Eurasia Rating’s notation scale, denoting an adequate level.
On the other hand, regardless of the support from its shareholders and taking into account the Company’s asset size, equity level, growth rates, rising profitability indicators, asset quality, market diversity, strong brand image, privileged position in the sector, organizational improvement and ongoing project volume, the Company has reached a level of experience to manage the incurred risks on its balance sheet provided that the effectiveness in the market is preserved along with the maintenance of current macro-economic conditions. Within this context, the Company’s Stand-Alone grade has been determined as (B) in JCR Eurasia Rating’s notation scale.
For more information related to the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr.Bora Pakyürek.
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JCR Eurasia Rating affirmed its evaluation of Rönesans Holding A.Ş.’s consolidated structure and the “Cash Flows of the Bond Issuances” within the scope of periodic review and maintained its high inve

2017-07-26
JCR Eurasia Rating maintains its evaluation of Rönesans Holding A.Ş.’s consolidated structure and the “Cash Flows of the Bond Issuances” within the scope of periodic review and affirmed its high investment grade credit rating of “AA- (Trk)” on the Long Term National Scale with a “Stable” outlook. Long Term International Foreign and Local Currency ratings are affirmed as “BBB-” with “Stable” outlooks. The credit ratings and their details are given in the table below:
Long Term International Foreign Currency
:
BBB- / (Stable outlook)
Long Term International Local Currency
:
BBB- / ( Stable outlook)
Long Term International Issue Rating
:
BBB-
Long Term National Local Rating
:
AA- (Trk) / (Stable outlook)
Long Term National Issue Rating
:
AA- (Trk)
Short Term International Foreign Currency
:
A-3 / (Stable outlook)
Short Term International Local Currency
:
A-3 / (Stable outlook)
Short Term National Local Rating
:
A-1+ (Trk) / (Stable outlook)
Short Term National Issue Rating
:
A-1+ (Trk)
Sponsor Support
:
2
Stand Alone
:
AB
As a Group with activities and investments in construction-contracting, real estate development and energy sectors, Renaissance Holding currently has presence in 23 countries and a wide area including CIS region, Turkey and Europe. Rönesans, which had a rapid growth performance during its nearly quarter-century past, has strengthened its efficiency and know-how owing to the strategic acquisitions of European-based long-established companies, particularly in the areas of infrastructure investments. Partnerships with global-scale engineering and contracting companies and international investors provide Rönesans with a widespread business network. The real estate development division of the Group has the largest Public Private Sector cooperation portfolio of Turkey comprised of health projects, along with commercial properties, which are completed in synergy with the construction unit. Thanks to the distinguished nature of its corporate culture and financial position, the Group has signed a shareholding agreement with IFC, leading international development and investment organization in 2016. IFC, which owns 5.25% of the group, contributes to Rönesans's global competitive power.
Rönesans, historically generating a significant part of the revenues in the construction sector and location-wise in the CIS region, the geography in which it is established, managed diversify the business segment and geographic concentration thanks to Europe-based strategic acquisitions and the healthcare investments realized by the Public-Private Sector Cooperation model in Turkey. In this context, the Group completed the first city hospital PPP project in Yozgat in 2017. The potential risk factors that accompany the high margins of emerging markets are expected to be balanced with the European market. On the other hand, due to the loss-making position of the Netherlands-based Ballast Nedam (BN) and full financial consolidation of the unit with Holding financial results as of 2016, there has been a decline in profitability ratios despite of an increase in the Group's revenues. Additionally, the net income was lower due to one-off expenses related to the process of restructuring of BN and other provisions. However, these costs are projected to normalize in the following period having realized a sizable reorganization in 2016, and it is predicted that the profitability of the Holding will reach the trend of increasing profitability in the light of the internal risk management and cost control team's contribution to BN. Rönesans Holding maintains its strict financial management approach and maintains strong access to funding sources including long-term, project financing facilities, particularly in global funds and creditors.
The position of Rönesans Holding as a global contracting and real estate development company and its organic and inorganic growth trend is supported by international partnerships with Meridiam and Sojitz in the field of healthcare PPP projects and with GIC in real estate development. Emphasizing the importance of workplace health and safety and operational risk management, improvements in corporate governance structure and in the area of risk management, thanks to the capital investment realized by IFC are among important factors. The Group's international business network, characterized by its success in the areas of tendering, cost management and hit rate, strategic acquisitions and synergies created, diversified revenue sources encompassing multiple business lines and geographies, effective and conservative financial management, sustainable cash flows, ability to raise long-term financing from global markets are the main pillars of the long-term National Rating affirmed as “AA- (Trk) / Stable”. On the other hand, taking into account the development of Europe-based investments, the Group’s international foreign and local currency ratings at the long-term might exceed the country ceiling, which is currently affirmed as "BBB-". The development of revenue streams of Rönesans Holding, the actualization of financial performance expected from acquisitions, particularly Ballast Nedam, and developments regarding operational cash flows and profitability figures will continue to be monitored.
Ilıcak Family is the principal and ultimate owners of the Group and they are considered to have the willingness and the financial capacity to provide liquidity to the Group in case of need, accounting for size of the Group’s ongoing and projected investments, its geographically extended business activity and enhanced employment generation capacity along with contracting services with value added projects. In this sense, the Company’s Sponsor Support Grade is determined as (2) within the JCR Eurasia Rating scale, indicating an adequate level. The Holding’s Stand- Alone Grade, which demonstrates the ability to meet its commitments and obligations through solely internally generated revenues without resorting to its shareholders for external support is determined as (AB) within JCR Eurasia Rating Scale, corresponding to a high service level.
For more information related with the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Özgür Fuad Engin.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating has reviewed and upgraded the Long Term National credit ratings of Akdeniz Faktoring A.Ş. and the Cash Flows of its Issued Bonds as ‘A(Trk)/Stable’ and affirmed its rating as ‘BBB-/

2017-06-16
JCR Eurasia Rating has upgraded the Long Term National credit rating of “Akdeniz Faktoring A.Ş. and the Cash Flows on Bond Issues” to “A (Trk)/Stable”. The Long Term International Foreign and Local Currency rating and outlooks have been affirmed as “BBB-/Stable”. Details of the ratings are given in the table below.
Long Term International Foreign Currency
:
BBB-/ (Stable Outlook)
Long Term International Local Currency
:
BBB-/ (Stable Outlook)
Long Term National Local Rating
:
A (Trk) / (Stable Outlook)
Long Term National Issue Rating
:
A (Trk)
Short Term International Foreign Currency
:
A-3 / (Stable Outlook)
Short Term International Local Currency
:
A-3 / (Stable Outlook)
Short Term National Local Rating
:
A-1 (Trk) / (Stable Outlook)
Short Term National Issue Rating
:
A-1 (Trk)
Sponsor Support
:
1
Stand Alone
:
B
Akdeniz Faktoring A.Ş. (the Company or Akdeniz Faktoring) is operating in the Turkish factoring sector since 1993 and primarily provides funding to medium and large-scale enterprises and domestic factoring companies. The Company is incorporated under Zülfikarlar Holding which has a wide range of activities in the fields of petroleum and petroleum products, energy, and the financial sector. The acquisition of a 100% stake of TP Petrol Dağıtım A.Ş. in 2017 by Turkuaz Petrol Ürünleri A.Ş., which Akdeniz Faktoring holds 9.42% of its shares, improved the Holding’s market presence in the fuel distribution sector.
The Factoring Sector is marked by high level of vulnerability to fluctuations in macroeconomic circumstances and instability. Management policies in the sector are strongly influenced by the changes in economic outlook and regulatory procedures from the Banking Regulation and Supervision Agency (BRSA). On the other hand, in line with the undertaken reforms, the sector’s legal infrastructure has been improved with regards to effective surveillance and control. As such, the mandatory installation of information, risk measurement and internal control systems have made a positive contribution to the improvement of the sector’s institutional set-up and to the quality, standardization and transparency of financial reporting practices and facilitated fair competition. Considering the fact that factoring companies generate revenues mainly from real sector firms, the probable adversities on the factoring sector of the market volatility and low-growth environment deriving from domestic/overseas economic, political and geopolitical developments serve as an issue that should be monitored closely.
Akdeniz Faktoring has maintained its asset growth in both 2016 and in the first quarter of 2017 thanks to its growing presence in the medium and large corporate segment. Below sector average NPL levels reflects the Management’s risk oriented and prudent approach in credit allocation and the Company’s continuing financial stamina. The Company’s organizational structure, concentrated on the Group’s headquarter, help the Management to effectively control operating expenses and provides further pricing room. Increasing share of corporate segment customers in the portfolio help the Company to improve interest margins and approximate the sector average net profit margins. On the other hand, ensuring the senior management’s continuity would underpin the Company’s focus on long term strategy and have a positive impact in the Company’s business performance. The financial outcome of the Company’s growth strategies and the reflection of political and macroeconomic environment on the factoring sector will be closely monitored along with other company specific financial and non-financial risks.
No separate rating report has been compiled for the bond issuances as the resources obtained from the bond issue will be carried in the Company’s balance sheet and are subject to analysis in the corporate credit rating report. The planned bond issue carries no difference in comparison to the Company’s other liabilities with respect to its legal standing and collateralization. As such, the notations outlined in the corporate credit rating report also reflect the issue rating.
It is considered that the controlling shareholder İsfendiyar Zülfikari and prominent parent company Zülfikarlar Holding A.Ş. have the willingness to ensure long term liquidity and equity depending on financial capability should such a need arises and experience to provide efficient operational support to Akdeniz Faktoring A.Ş. In this regard, the Company's Sponsor Support Grade has been determined as (1). Additionally, taking into account the internal resource generation capacity, profitability potential, growth capability and prospects, asset quality, capitalization level, liquidity profile, and more than 20 years of experience in the sector, we, as JCR Eurasia Rating, are of the opinion that the Company has reached the adequate level of financial strength and administrative experience and foundation to manage its financial obligations regardless of any assistance, provided that the consistency provided in the senior management and macroeconomic outlook does not concentrate on the negative direction. Within this context, the Stand Alone Grade of the Akdeniz Faktoring A.Ş. has been determined as (B) in the JCR Eurasia Rating notation system.
For more information, you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Abdurrahman TUTĞAÇ.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating, in its periodic review, has affirmed the ratings of ‘Eko Faktoring A.Ş.’ as ‘BBB(Trk)’ on the Long Term National Local Scale and determined the outlook on the national ratings as ‘

2017-06-16
JCR Eurasia Rating, in its periodic review, has evaluated ‘Eko Faktoring A.Ş.’ in an investment-level category on the national and international scales and affirmed the ratings on the Long Term National Scale as ‘BBB (Trk)’ and determined the Short Term National Scale as ‘A-3 (Trk)’ with ‘Stable’ outlooks. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’. Other notes and details of the ratings are provided below:
Long Term International Foreign Currency
:
BBB-/ (Stable Outlook)
Long Term International Local Currency
:
BBB- / (Stable Outlook)
Long Term National Local Rating
:
BBB (Trk) / (Stable Outlook)
Long Term National Issue Rating
:
BBB (Trk)
Short Term International Foreign Currency
:
A-3 / (Stable Outlook)
Short Term International Local Currency
:
A-3 / (Stable Outlook)
Short Term National Local Rating
:
A-3 (Trk) / (Stable Outlook)
Long Term International Issue Rating
:
A-3 (Trk)
Sponsor Support
:
3
Stand Alone
:
B
The Factoring Sector is marked by high level of vulnerability to fluctuations in macroeconomic circumstances and instability. Management policies in the sector are strongly influenced by the changes in economic outlook and regulatory procedures from the Banking Regulation and Supervision Agency (BRSA). On the other hand, in line with the undertaken reforms, the sector’s legal infrastructure has been improved with regards to effective surveillance and control. As such, the mandatory installation of information, risk measurement, and internal control systems have made a positive contribution to the improvement of the sector’s institutional set-up, and the quality, standardization, and transparency of financial reporting practices and facilitated fair competition. Considering the fact that factoring companies generate revenues mainly from real sector firms, the probable adversities on the Factoring Sector of the market volatility and low-growth environment deriving from domestic/overseas economic, political and geopolitical developments serve as an issue that should be monitored closely.
Eko Faktoring A.Ş., began operations in 1994, delivers fast and reliable factoring services thanks to long-lasting experience in the sector and constantly renewing technological infrastructure. The Company, which and exerts maximum effort to align with regulations, stands out with the ability to adapt to changing market conditions and the importance it attaches to corporate governance in the sector which is dominated by bank-subsidiary companies and have strong price competition. The latest regulation, effective December 2015, has forced factoring companies to increase their paid-in capital to a minimum of TRY 20 million. Eko Faktoring A.Ş. had a TRY 55 million paid-in capital at the time of enforcement, which is comfortably above the required level.
The Company’s strong paid-in capital, net profit recorded in 2016 and first quarter of 2017, diversified debt instruments, high standard ratio, and attempts to strengthen asset quality with sale of impaired receivables are seen positive effects on Eko Faktoring’s long and short term ratings. Nevertheless, the NPL ratio, which continues to be well above the sector average as it was in previous years, continues to negatively affect the Company’s asset quality. On the other hand, contraction in asset size, squeeze in market share and decline in total turnover are other elements that suppress the Company's ratings. In addition, both the floating interest rate on bonds issued and flexible current interest of bank loans result in difficulties in managing financial costs at a stable level. The net profit generated in 2016 and first quarter of 2017 is evaluated a strong indicator of the Company’s internal resource generation capacity. All in all, the Company’s outlooks in the short and long term perspective have been determined as ‘Stable’ and the Long Term National Grade has been affirmed as ‘BBB (Trk)’. The resources planned to be raised from the debt issue will be carried within the Company’s balance sheet and as such no separate issue rating report will be documented and the resources have been analysed within the current credit rating report. As the bonds to be issued has no differentiation in comparison to the Company’s other liabilities from a legal and collateralization perspective, the corporate credit ratings also reflect the Company’s issue ratings.
The macroeconomic indicators at national and international markets, as well as level of NPL ratio, actions to be taken to enhance asset quality, changes in financing costs, profitability level, steps taken for operational cost cutting are to be monitored by JCR Eurasia Rating. Effects of the failed coup attempt in 2016, restructuring of the state organs and the prolonged State of Emergency applications as well as the result constitutional changes on the firm will continue to be monitored.
Bancroft Group, which acquired majority of Eko Faktoring's shares in 2007, sold its existing shares in 2016 and 2017 and currently holds no partnership. The Group was holding 28.50% of shares before the sale and 9.99% of them was acquired by Eko Faktoring. Remaining shares are purchased by other shareholders. The current shareholders are considered to have the willingness and experience to ensure long-term liquidity and equity within their financial capability when required and to provide efficient operational support to Eko Faktoring A.Ş. In this regard, the Company's Sponsor Support Grade has been affirmed as (3) in JCR Eurasia Rating’s notation.
Taking into account the Company’s equity level, ongoing operations, liquidity reachability and internal resource generation capacity, we, as JCR Eurasia Rating, state the opinion that the Company has reached the level of adequate experience and facilities to manage the incurred risks on its balance sheet regardless of any assistance from the shareholders, if it preserves its current customer level, efficiency and existing macroeconomic level in the market. Within this context, the Stand-Alone grade of the Company has been affirmed as (B) in the JCR Eurasia Rating notation system.
For detailed information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Utku KARAGÜLLE.
JCR EURASIA RATING
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JCR Eurasia Rating, in its periodic review, has affirmed the ratings and outlook of the Consolidated Structure of ‘Metal Yapı Konut A.Ş.’ as ‘BBB(Trk)’ on the Long Term National Local Scale, “A-3 (Trk

2017-06-06
JCR Eurasia Rating, in its periodic review, has affirmed the credit ratings of the “Consolidated Structure of Metal Yapı Konut A.Ş.’ at the investment grade of “BBB(Trk)/Stable” on the Long Term National Scale. In addition, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Scale as ‘BBB-’. Other notes and details of the ratings are given in the table below:
Long Term International Foreign Currency Rating
:
BBB- / (Stable Outlook)
Long Term International Local Currency Rating
:
BBB- / (Stable Outlook)
Long Term National Local Rating
:
BBB (Trk) / (Stable Outlook)
Short Term International Foreign Currency Rating
:
A-3 / (Stable Outlook)
Short Term International Local Currency Rating
:
A-3 / (Stable Outlook)
Short Term National Local Rating
:
A-3 (Trk) / (Stable Outlook)
Sponsor Support
:
2
Stand Alone
:
B
With foundations laid by Ömer Saçaklıoğlu in 2000, Metal Yapı develops high-value real estate projects on Istanbul’s European side and maximizes its market value by reaching a portfolio size ensuring its continuity. The Company continues to gain an advantage in the tough competitive environment through diversification of cash flows via the varied sales income of its group companies while the activities carried out by the Group in different sectors continue to serve as buffer against possible risks. The Company has also increased its income diversification by entering into the education sector. The Company has strengthened its current profile via innovative designs and folding value concept projects created with quality materials and modern construction techniques in cooperation with international architects, high quality real estate assets, and steady rental income. The customer portfolio of the Company consists of individuals with high income levels, corporate inter/national large-scale firms, and overseas investors investing in luxury projects, therefore differentiating itself from the sector.
The Company’s ongoing and projected delivery of high value projects support the stability of cash flows and profit generation, the high quality of its real estate assets, income generated from fuel and shopping mall management and regular and long-term rental income, asset portfolio accumulated over several years and projects, the buffering of probably cash needs from the high level of profit from the previous year together are the main supportive factors behind the affirmation of the Group’s “BBB (Trk)” Long Term National Rating. The Company’s equity significantly increased in 2016 as the main shareholder of the related company Karmen Yapı A.Ş., Ömer Saçaklıoğlu, sold his shares to Metal Yapı and added a portion of the Company’s receivables to the capital. On the other hand, the capital-reducing effect of the consolidation with a related company pressuring equity level. The large share of fair value gains which do not contribute to payment ability and the cash flows among income streams despite increasing asset quality. On the other hand, factors that may constrain the rating and outlook are: the potential of to be affected by extreme FX movements due to the foreign currency of borrowings as the external financing the company has applied to finance its growth is in foreign currency; the dependency of the debt service capacity on sales performance and the preservation of the access to funding channels; the internal equity generation capacity depending on housing sales capability; the effect of continued construction projects on the Company’s net working capital; the market structure and its severe price competition and constrained market and investor appetite due to increases in housing prices and mortgage interest rates; and the uncertainties encompassing global and local markets. The potential effects of these factors will be continuously monitored by JCR Eurasia Rating in the following periods.
In addition, as the Group’s assets are heavily composed of real estate, stocks, and stable rental income, their market value is dependent on economic conjuncture and asset quality is subject to the future economic environment. Other factors that will also be watched by JCR Eurasia Rating and play a role in affirmation of Short and Long term outlooks as ‘Stable’ include the improved effect on the net working capital through the forecasted revenue and cash from the Blue Lake, Levent Tower, and the Göktük projects; funding diversification via borrowing from international institutions; the FX risk stemming from foreign exchange volatilities considering the foreign currency-weighted borrowing structure and its effect on profitability; the attainability of the Company’s future sales plan; and the generation of internal resources and cash flows to meet debt payments.
The only shareholder, Ömer Saçaklıoğlu, has sufficient propensity and operational support capability as the result of his experience dating back to before the establishment of Metal Yapı Konut A.Ş.. Considering the increase in equity, the Group’s ‘Sponsor Support Grade’ has been defined as (2), indicating an ‘adequate level’. On the other hand, regardless of the support from its shareholders, taking into consideration the Company’s rental income, the supported sales revenue through gas station and mall management, the expected increase in revenue and cash with the completion of projects, and liquid portfolio, it is considered that Metal Yapı Konut A.Ş. has reached a level of experience to manage the incurred risks on its balance sheet provided that the current customer base and effectiveness in the market is preserved along with the maintenance of current macro-economic conditions. In the light of such circumstances, Metal Yapı Konut A.Ş. has been assigned a Stand Alone grade of (B) on JCR Eurasia Rating’s notation system, denoting an adequate level.
For more information regarding the rating results, you may visit our internet site http://www.jcrer.com.tr or contact our analyst Ms. Merve HAYAT.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating has revised the credit ratings of “Çağdaş Faktoring A.Ş.” and ‘Cash Flows of the Bond Issuance’ within the scope of periodic review and affirmed the ratings as “A- (Trk)/Stable” on

2017-04-21
JCR Eurasia Rating has revised the credit ratings of “Çağdaş Faktoring A.Ş.” and “Cash Flows of the Bond Issuances” within the scope of periodic review and affirmed the high investment grade ratings as “A- (Trk)/Stable” Long Term National Scale. The details of the affirmed ratings are listed in the table below:
Long Term International Foreign Currency
:
BBB- / (Stable Outlook)
Long Term International Local Currency
:
BBB-/ (Stable Outlook)
Long Term National Local Rating
:
A- (Trk) / (Stable Outlook)
Long Term National Local Rating
:
A- (Trk)
Short Term International Foreign Currency
:
A-3 / (Stable Outlook)
Short Term International Local Currency
:
A-3 / (Stable Outlook)
Short Term National Local Rating
:
A-1 (Trk) / (Stable Outlook)
Short Term National Local Rating
:
A-1 (Trk)
Sponsor Support
:
2
Stand Alone
:
B
The Factoring Sector is marked by high level of vulnerability to fluctuations in macroeconomic circumstances and instability. Management policies in the sector are strongly influenced by the changes in economic outlook and regulatory procedures from the Banking Regulation and Supervision Agency (BRSA). On the other hand, in line with the undertaken reforms, the sector’s legal infrastructure has been improved with regards to effective surveillance and control. As such, the mandatory installation of information, risk measurement, and internal control systems have made a positive contribution to the improvement of the sector’s institutional set-up, and the quality, standardization, and transparency of financial reporting practices and facilitated fair competition. Considering the fact that factoring companies generate revenues mainly from real sector firms, the probable adversities on the factoring sector of the market volatility and low-growth environment deriving from domestic/overseas economic, political and geopolitical developments serve as an issue that should be monitored closely.
Çağdaş Faktoring A.Ş. provides domestic factoring services mainly to SMEs and micro enterprises via its headquarters based in Istanbul and 14 branches located in major cities of Turkey. In 2015, the Company purchased a land plot in Esentepe district, to be used as the new headquarters upon renewal and renovations, expected to be completed by the end of 2017. The new head office complex, considering its location with high valuation potential brings an upside potential to as a one-off cash flow in case of sale or sustainable uplift should the property is used internally and excess capacity is leased to third parties.
Çağdaş Faktoring A.Ş. improved its low risk concentration per customer and per check originator, driven by its large active customer base. More prudent and strict application of self-imposed risk limits per sector, customer and cheque drawer reduces the receivable portfolio credit risk and supports asset and equity returns owing to high interest margins. However, in the wake of strong political and economic headwinds, sharp foreign currency movements and the volatilities in 2016, borrowers of the firm incurred losses and weakened debt service capacity, pressurizing the asset quality of Sector and raising the impaired receivable balance. Parallel with the Sector, Çağdaş Faktoring’s gross impaired receivable balance before provision, transfers and write-offs displayed an increase. We note that the majority of the impaired receivables were due from large loan-balance customers evaluated as group and that the Company has imposed more strict internal limits to borrower risk balances. More stringent underwriting policies and strong executive management would help cap additions to past-due receivables. the Company’s sustainable asset growth, effective liquidity and currency risk management, fair corporate governance structure, experienced management profile, favorable interest margins along with the diversified funding base underpin the main rating drivers of the Long Term National Rating affirmed as “A- (Trk)/Stable”.
Asset quality, slightly contracting interest margin and liquidity availability of the factoring sector, reflecting the conditions perpetuated by macroeconomic outlook, uncertainties of the domestic market following the referendum, will frame the Company's operational environment. JCR-ER will continue to monitor the annual turnover, funding & maturity structure, trend of interest margin, financial leverage and asset quality of Çağdaş Faktoring. A separate rating report has not been compiled as the resources obtained from the bond issue will be carried in the Company’s balance sheet and was subject to analysis in the corporate credit rating report. The planned bond issue carries no difference in comparison to the Company’s other liabilities with respect to its legal standing and collateralization, as such the notations outlined in the corporate credit rating report also reflect the issue rating.
Sponsor support potential has been evaluated considering the financial and operational power and willingness of shareholders. In this context, regarding the business background of the main shareholder Dikran GÜLMEZGİL, profitability, dividend payment policy and growth performance of the Company, Çağdaş Faktoring's Sponsor Support Grade has been assigned as (2), which indicates adequate level. Stand Alone Rating of the company demonstrates the capacity to generate resources internally without depending its shareholders or any other entity. Considering the interest margin, liquidity level and maturity structure of liabilities and internal resources of the Company, Stand Alone Rating of Çağdaş Faktoring has been determined as (B) that corresponds to satisfactory level.
For more information regarding the rating results, you may visit our internet site http://www.jcrer.com.tr or contact our analysts Mr. Özgür Fuad ENGİN.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating affirms the ratings of ‘AAA(Trk)’ on the Long Term National Scale, ‘BBB’ on the Long Term International Foreign Currency and ‘BBB+’ on the Long Term International Local Currency Sca

2017-04-20
JCR Eurasia Rating has affirmed the rating of ‘AAA (Trk)’ along with a ‘Stable’ outlook for Turkiye Garanti Bankasi A.S. on the Long Term National Scale, which denotes the highest credit rating grade assigned by the agency. On the other hand, the Long Term International Foreign and Local Currency ratings were affirmed as ‘BBB’ and ‘BBB+’, respectively. Other notes and details of the ratings are given in the table below:
Long Term International Foreign Currency
:
BBB /(Stable Outlook)
Long Term International Local Currency
:
BBB+ /(Stable Outlook)
Long Term National Local Rating
:
AAA(Trk) /(Stable Outlook)
Short Term International Foreign Currency
:
A-3 /(Stable Outlook)
Short Term International Local Currency
:
A-2 /(Stable Outlook)
Short Term National Local Rating
:
A-1+(Trk)/(Stable Outlook)
Sponsor Support
:
1
Stand Alone
:
A
Garanti, as one of the leading institutions of the Turkish financial system, continues to enjoy the advantages of economies of scale to an extent of contribution to the sustainability of the profitability level by sustenance of margins and be supported by a diversified and integrated business mix through its widespread branch network, alternative delivery channels, increased convenience and customer experience through digitalization practices and affiliates in retaining its high level of market influence.
The Bank’s core profitability indicators reversing downward path while outperforming sector averages and improving NIM through contribution from loans against increasing funding costs; capitalization level and CET1 share above sector averages adequate to absorb incidental losses and support sustainability; asset quality maintained regarding below-the-sector NPL ratios despite slight deterioration and above-the-sector coverage level within a prudential stance; and continuing strategy of loan-driven growth accompanied by enhancing low-cost deposit base while maintaining focus on defending margins against such impediments as sector-wide structural maturity mismatches and short maturity profile of deposits causing high level of liquidity requirements despite the generation of alternative funding sources with longer maturities and improvements in diversification of funding mix; and concurrent political upheavals in international and domestic level resulting in excessively embedded discounts of political risks in the domestic markets were the factors effective in the affirmations of Garanti’s ratings.
The effects of counter-cyclical fiscal stimulus package coming into force in view of the subdued growth and reflections of loans being extended by Garanti within the scope of the credit guarantee fund facilities on its financial statements in particular; direction and magnitude of possible effects of the constitutional referendum on the financial markets together with the possible effects on the operating environment of the risk and opportunities to arise out of restructuring process of the organs of the state following the failed coup attempt will be monitored in the periods to come.
Taking into account existence of BBVA (Banco Bilbao Vizcaya Argentaria S.A), one of the leading banking groups in Europe, in the Bank’s shareholding structure as the sole major shareholder consequent to recently finalized process of additional share transfer from Dogus Group as well as Garanti’s sturdy balance sheet composition, the long term international local currency (BBB+) and long term international foreign currency (BBB) ratings have been reaffirmed above Turkey’s sovereign ratings (BBB-).
The financial strength of the current major shareholder, its willingness to provide funds to the Bank and the Bank’s importance in the overall economy and financial markets due to its magnitude and geographical outreach have been assessed within the highest rank of (1) for ‘Sponsor Support’ category. The current senior management’s ability to administer the risks undertaken and high degree of convergence to corporate governance and sustainability practices given the Bank’s strong equity base, profitability indicators above the sector averages and asset quality also correspond to the highest level of ‘Stand Alone’ category with (A) under JCR Eurasia’s notation system.
For more information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact our Head of Group Mr. Zeki M COKTAN.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating has upgraded the Long Term National and Short Term National credit ratings of Tam Faktoring A.Ş.to ‘BBB+(Trk)’ and ‘A-2 (Trk)’, respectively, and revised the Long Term outlook to “P

2017-04-17
JCR Eurasia Rating has evaluated and upgraded the Long Term National and Short Term National credit ratings of Tam Faktoring A.Ş. to “BBB+ (Trk)” and “A-2 (Trk)”, respectively and revised the Long Term outlook to “Positive”. The Long Term International Foreign and Local Currency rating and outlooks have been affirmed as “BBB-/Stable”. Details of the ratings are given in the table below.
Long Term International Foreign Currency
:
BBB-/ (Stable Outlook)
Long Term International Local Currency
:
BBB-/ (Stable Outlook)
Long Term National Local Rating
:
BBB+ (Trk) / (Positive Outlook)
Short Term International Foreign Currency
:
A-3 / (Stable Outlook)
Short Term International Local Currency
:
A-3 / (Stable Outlook)
Short Term National Local Rating
:
A-2 (Trk) / (Stable Outlook)
Sponsor Support
:
2
Stand Alone
:
B
Tam Faktoring A.Ş., established in 2011, provides the financing of receivables primarily to the micro and small SME segment which has high financing needs. The Company rapidly extended its market reach through its wide branch network and increased its customer base to the sector’s highest levels. Vector Yatırım Holding A.Ş., owned by an investment company Vector Holdings S.a.r.L. (90.5%) and the European Bank for Reconstruction and Development-EBRD (9.5%), is the sole shareholder of Tam Faktoring.
The Factoring Sector is marked by high level of vulnerability to fluctuations in macroeconomic circumstances and instability. Management policies in the sector are strongly influenced by the changes in economic outlook and regulatory procedures from the Banking Regulation and Supervision Agency (BRSA). On the other hand, in line with the undertaken reforms, the sector’s legal infrastructure has been improved with regards to effective surveillance and control. As such, the mandatory installation of information, risk measurement and internal control systems have made a positive contribution to the improvement of the sector’s institutional set-up and to the quality, standardization and transparency of financial reporting practices and facilitated fair competition. Considering the fact that factoring companies generate revenues mainly from real sector firms, the probable adversities on the factoring sector of the market volatility and low-growth environment deriving from domestic/overseas economic, political and geopolitical developments serve as an issue that should be monitored closely.
Tam Faktoring demonstrated a considerable growth in its business volume thanks to its distinguished marketing and growth strategy which considerably extended its market coverage. A sound organizational base and heavily invested IT infrastructure improved the management’s ability to monitor and improve operating results. Hence, the Company’s non-performing loans considerably declined to sector average levels. The diversified funding bundle helped the Company achieve favorable financing terms and control its cost of funding while benefiting above sector average interest margins while its fragmented customer base reduced the customer, drawer and industrial concentration exposure remarkably, underpinning asset quality. On the other hand, retained losses from allowances for impaired receivables resulted in contraction in the Company’s equity base despite having one of the highest paid-in capital level in the sector. Considerable growth in business volume helped the management to gradually reduce the OPEX to average assets which is still above sector average. Consequently, the focus on the financially leveraged micro and small segment customer base allowed the Company a wider pricing room to achieve positive bottom-line and increased the visibility of the Company’s projections and providing a base for the upgrade of the Company’s Long Term National Rating to BBB+ (Trk) with a ‘Positive’ outlook. The actualization of budget targets, developments affecting interest rate volatility, political and economic environment and the factoring sector’s exposure to such risks will be closely monitored along with other company specific financial and non-financial risks.
Considering the Company’s short but sound track record thanks to its business strategy and organizational base, the shareholding structure is considered to be in a comfortable position to provide support to Tam Faktoring in case of a liquidity requirement. In this regard, JCR Eurasia Rating has assigned the Sponsor Support Grade as ‘2’, reflecting a satisfactory financial and non-financial states and expected support by the shareholders.
Additionally, taking into account the reasonable growth prospects, capitalization level, liquidity profile and market share, we, as JCR Eurasia Rating, are of the opinion that the Company has reached the adequate level of financial strength and organizational capacity to manage its financial obligations regardless of any assistance, provided that the consistency provided in the senior management and macroeconomic outlook does not concentrate on the negative direction. Within this context, the Stand-Alone Grade of the Tam Faktoring A.Ş. has been determined as (B) in the JCR Eurasia Rating notation system.
For more information, you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Abdurrahman TUTĞAÇ.
JCR EURASIA RATING
Administrative Board

JCR Eurasia Rating has reviewed and affirmed the credit ratings of Fiba Faktoring A.Ş. and the Cash Flows of its Debt Instrument Issuances as ‘A+(Trk)’ on the Long Term National Scale and as ‘BBB-‘ on

2017-04-03
JCR Eurasia Rating has reviewed and affirmed the investment grade credit ratings of “Fiba Faktoring A.Ş.” and the “Cash Flows of its Debt Instrument Issuances” as ‘A+ (Trk) on the Long Term National Scale and as ‘A-1 (Trk)’ on the Short Term National Scale, and assigned ‘Positive’ outlooks for the National grades. On the other hand, the Long Term International Foreign and Local Currency Ratings have been affirmed at the country ceiling level of ‘BBB-’. Other notes and details of the ratings are given in the table below:
Long Term International Foreign Currency : BBB- / (Stable Outlook) Long Term International Local Currency : BBB- / (Stable Outlook) Long Term National Local Rating Long Term Issue Rating : : A+ (Trk) / (Positive Outlook) A+ (Trk) Short Term International Foreign Currency : A-3 / (Stable Outlook) Short Term International Local Currency : A-3 / (Stable Outlook) Short Term National Local Rating Short Term Issue Rating : : A-1 (Trk) / (Positive Outlook) A-1 (Trk) Sponsor Support : 1 Stand Alone : A
The Factoring Sector is marked by a high level of vulnerability to fluctuations in macroeconomic circumstances and instability. Management policies in the sector are strongly influenced by the changes in domestic and global economic outlook and regulatory procedures from the Banking Regulation and Supervision Agency (BRSA). On the other hand, in line with the undertaken reforms, the sector’s legal infrastructure has been improved with regards to effective surveillance and control. As such, the mandatory installation of information, risk measurement and internal control systems have made a positive contribution to the improvement of the sector’s institutional set-up and of the quality, standardization and transparency of financial reporting practices and facilitated fair competition. Considering the fact that factoring companies generate revenues mainly from real sector firms, the probable adversities of the market volatility and low-growth environment deriving from domestic/overseas economic, political and geopolitical developments on the debt service capability of real sector firms and the factoring sector continued as an issue that should be monitored closely.
Fiba Faktoring A.Ş. was established in 1992 as a subsidiary of the Fiba Group, which has a concern in financial sector through its 43 domestic and overseas investments in diversified fields. As in the bank-affiliated finance companies, the Company enjoys the advantages of its robust and reputable shareholding structure in terms of brand recognition, diversity of funding sources and costs, customer portfolio and level of ability to get financial and operational support. With a comparatively wide product range including international factoring services achieved through its extensive network and supportive infrastructure, the Company improved its profitability indicators through increased interest margin and ongoing improvement in main expense items despite the suppression derived from increased provisions for doubtful receivables and realized FX loss. The Company exhibited a ‘Positive’ outlook for the upcoming periods due to its improved internal equity generation capacity, continuously above sector equity level with decreasing trend depending on dividend payments, wide funding sources including debt instrument issuances consistent with its current balance sheet composition, asset growth realized following a three-year contraction period and balance sheet composition relieving liquidity management.
The effects of continuing dividend payments realized in line with the Company’s prudent management strategy envisaging an above sector and optimal equity level and improved internal equity generation capacity on its equity level, sustainability of internal equity generation capacity and the possible adverse effects of challenging, volatile and competitive market conditions on asset quality emerged as the issues to be monitored closely.
It is considered that the legal entity shareholders of the Company, Fiba Holding A.Ş. and Fina Holding A.Ş., the holding companies of the Fiba Group, and other Group companies have the willingness and experience to the ensure the long term liquidity and equity within their financial capability when required and to provide efficient operational support to the Company. In this regard, the Company's Sponsor Support Grade has been determined as (1) in JCR Eurasia Rating’s notation system.
On the other hand, taking into account the Company’s operational track record, market experience and effectiveness, organizational structure, asset size and quality, equity level, and ease of access to funding sources, JCR Eurasia Rating has reached the conclusion that the Company has the sufficient experience and infrastructure to manage its obligations regardless of any assistance that may be provided by the shareholders, providing that it maintains its market efficiency and customer base. Within this context, the Stand Alone grade of the Company has been determined as (A) in the JCR Eurasia Rating notation system.
For more information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr.Gokhan IYIGUN.
JCR EURASIA RATING
Administrative Board

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