RATINGTICKER
Source Issuer Rating
Scope Belgium AA-
Scope Ireland AA-
Scope Romania BBB-
Scope Malta A+
AA_DE ALTE LEIPZIGER .. A+
NEWS
RP - 2021-05-18
2020 EU rating market shares

RP - 2021-03-14
Planned Sovereign Rating Updates

RP - 2021-02-17
Upcoming Sovereign Rating Reviews

News

2020 EU rating market shares

2021-05-18
According to the EU Regulation on Credit Rating Agencies, ESMA registered agencies need to publish an Annual Transparency report, which includes high level information on revenues and staff employed.
While the United Kingdom withdraw from the European Union in January 2020, the transition period until end 2020 (where EU Regulations continued to be applicable in the UK) resulted in some agencies publishing their results for both the UK and EU together.
S&P reports total revenues of EUR 649 mln (up 12% compared to 2019), Moodys generated EUR 507 mln (up 1%) and FitchRatings achieved EUR 288 mln (up 3%). These dominant 3 agencies take around 91,7% of the market (including assumptions for undisclosed revenues).
In terms of market segments, the wider corporate market segment (covering insurances, financial and non-financial companies) accounts for more than EUR 1,1 Bill in Revenues, the Structured Finance segments reaches approx. EUR 240 mln and the sovereign segment around EUR 170 mln.
We estimate total staff at approx. 2950 employees (including assumptions for not disclosed staff). The EU and the UK account each for half of the staff. Fitch employs a total of 924 people, followed by Moodys with 655 and S&P with 543. About 1990 people are directly involved in rating activities and additional 107 in model development/review. In terms of market segments, the broad corporate market segment counts 976 analysts, 427 are active in SF, 189 in the Sovereign market – 395 analysts work across market segments or provide rating support activities.

Planned Sovereign Rating Updates

2021-03-14
Based on the Sovereign Rating Review calendars of 13 Credit Rating Agencies, we have updated our site to display the information for the next 3 weeks until end March 2021. During this period, a total of 67 rating actions by 10 agencies are on the agenda.
Cyprus and Portugal shall be reviewed by three agencies during this period. Austria will be reviewed by S&P and Scope on March 12th, Sweden by Moodys and DBRS on March 26th.

Upcoming Sovereign Rating Reviews

2021-02-17
Based on the Sovereign Rating Review calendars of 13 Credit Rating Agencies, we have updated our site to display the information for the next 3 weeks until early March 2021. During this period, a total of 66 rating actions by 10 agencies are on the agenda.
Estonia will be in focus of the attention as S&P, CRAG, DBRS and Moodys have all scheduled reviews during these 3 weeks. Denmark is reviewed by Fitch and S&P on February 26th and Spain by DBRS and Moodys on March 5th, 2021.

OECD modifies country risk classification of Bahrain and Oman

2021-01-29
Within the framework of the OECD country risk classification, Bahrain and Oman were both downgraded from 5 to 6.
Until January 2016, Oman was rated 2 and since then faced downgrades in nearly on a yearly basis.
Bahrain has shown the pattern pattern over a longer period. Until April 2010, Bahrain was rated 2, downgrades occuring thereafter in January 2011, February 2019 and Janaury 2021.

Scheduled Sovereign Rating Reviews

2021-01-27
Based on the Sovereign Rating Review calendars of 13 Credit Rating Agencies, we have updated our site to display the information for the next 3 weeks until mid February 2021. During this period, a total of 55 rating actions by 10 agencies are on the agenda. Lithuania will be in focus of the attention as Fitch, Scope, Moodys and S&P have all scheduled reviews during these 3 weeks.

Site updated to reflect final BREXIT

2021-01-05
As the United Kingdom withdrew from the European Union end of January 2020 and that the transition period ended end December 2020, we have updated our site to cover Credit Rating Agencies registered in the United Kingdom and registered with the FCA.
Additionally, we have updated the information relative to the European Union, where ESMA has withdrawn the registration of UK based entities.

2021 Global Sovereign Ratings Review calendar

2020-12-31
Base on regulatory disclosures applicable in the European Union and the United Kingdom, we have compiled our cross-agency calendar of scheduled rating reviews for 2021.

ESMA publishes EU rating agencies market shares report

2020-12-16
On December 14th, ESMA published its yearly market shares report for ESMA registered credit rating agencies.
According to ESMA, based on revenues, S&P Global Ratings has 40,40% market share, Moody's 33,12% and Fitch 17,55%.

OECD updates country risk classification for 3 countries

2020-10-27
Effective October 16th, 2020, the Country Risk Classification of the Participants to the Arrangements on Officially Supported Export Credit within the framework of the OECD was modified as follows:
- Aruba: from 4 to 5
- Bahamas: from 3 to 4
- Suriname: from 6 to 7.

The Indian Rating market

2020-08-21
We have updated our Country Regulatory page relating to India.

Inda has a well developed rating market with 7 registered agencies generating approximaterly EUR 110 mln in revenues in 2019.
Based on the probability of default benchmarks per rating catergory used in India, we have derived an indicative mapping of Indian local scale ratings to the international rating scale.
Additionally, for our registered users, we provide information on the Indian rating market and market shares based on regulatory disclosures as of March 2020.

OECD updates country risk classification

2020-06-29
On June 25th, 2020, the OECD has published updated Country Risk Classification with the following changes: :

Botswana: from 2 to 3
Costa Rica: from 3 to 4
Ecuador: from 6 to 7
Hong Kong: from 2 to 3
Maldives: from 6 to 7
Mongolia: from 6 to 7
Namibia: from 5 to 6

Global Sovereign Rating calendar now available

2020-01-17
Based on the Sovereign rating calendars of ESMA registered Credit Rating Agencies, we have published today a single report covering all rating actions.

JCR Eurasia Rating has affirmed the credit ratings of Ak Faktoring A.Ş. and “Cash Flows arising from Bond Issuances” as ‘BBB+ (Trk)’ on the Long Term National Scale and A-2 (Trk) on the Short Term Nat

2018-03-15
Istanbul – March 15, 2018
JCR Eurasia Rating has affirmed a Long Term National Credit Rating of “BBB+ (Trk)” and a Short Term National Credit Rating of “A-2 (Trk)” for Ak Faktoring A.Ş. along with “Stable” outlooks on both ratings.
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 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 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 that the main income of factoring companies is the real sector, the effects of the growth environment supported by the volatility and incentive policies created by the foreign and domestic economic, political, and geopolitical developments in the markets on the factoring sector deserve to be closely monitored.
Ak Faktoring was established in 1992 under the name ‘Ak Faktoring Hizmetleri Ticaret Anonim Şirketi’. In 2011,parallel with the change in partnership structure which was purchased by Altınhas Holding with foundations going back to the 1950s, activities were again accelerated. The Company has operated in a sector mainly constituted of bank related institutions since 2012 under the title ‘Ak Faktoring A.Ş.’ and currently maintains activities through non-branch office structure on a local basis. The Company continues to meet the credit requirement of mainly commercial companies and SME-based companies.
Global and local macroeconomic pressures, high foreign currency movements, and uncertainties continue to influence the financial structure of the real sector and continues to pressure the sector’s asset quality. Although the Company attempts to soften the pressure generated by its high customer concentration through effective risk management practices, asset quality is suppressed by increased impaired receivables, the deteriorating debt-service performance of real sector companies, and above sector averages NPL ratio. The inability to make progress in market share which grew below sector averages; high dependency on external financing increasing financial costs and affecting profitability; and pressures internal equity generation capacity are the issues that put stress on the short and long term notes. In addition, the growth in the number of customers to be widespread in the market, improvement in receivable portfolio granularity to reduce the concentration exposure, asset and turnover development, the continued effects of continuing economic and political turbulence, and tensions on real sector’s asset quality and NPL level are issues that will be kept under review by JCR Eurasia Rating in the following periods. On the other hand, the effect of the strong collateral level and high transaction volume on asset quality; above-sector profitability ratios; relieved liquidity management for the following periods through diversification of its funding structure by probable bond issues against the sectoral disadvantage created by the limited alternative financing resources; maintenance of above sector interest margins strengthening revenue; increasing equity level against the sector’s decreasing trend; Altınhas Holding's wide range of activities and Group support in both financial and operational points; the high probability of realization relating to the Company’s future growth plan; and generation of internal resources and cash flows to meet interest expenses are the principle factors behind the affirmation of the Company’s Long and Short Term Outlook as ‘Stable’ and Long Term National Grade 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 has been 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 collateralisation. As such, the notations outlined in the corporate credit rating report also reflect the issue rating but do not cover any structured finance instruments.
On the other hand, it is considered that the major controlling legal entity shareholder, Altınhas Holding A.Ş., along with real person shareholder, the Altınbaş Family, 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 Ak Faktoring A.Ş. Therefore, the Company's Sponsor Support grade has been affirmed as (2) in JCR Eurasia Rating’s notation.
On the other hand, taking into account the Company’s increasing equity level, transaction volume, asset growth and quality, efficient risk management and collateral level despite the increasing trend in NPL and concentration risk, receivables portfolio, market popularity and ease of access to funding resources , we, as JCR Eurasia Rating, are of the opinion that Ak Faktoring A.Ş. 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, provided that it improves 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 more information regarding the rating results, you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mrs. Merve Hayat.
JCR EURASIA RATING
Administrative Board

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