JCR Eurasia Rating has affirmed the Long Term National Local Rating of ‘BBB (Trk)’ along with ‘Stable’ outlooks for all notes of GHY
20 November 2013
JCR Eurasia Rating has affirmed the 2013 notes of Global Yatırım Holding’s (GYH or the Company) credit rating in line with financial statements of September 2013.
The statement released by JCR Eurasia Rating emphasizes that GYH’s total gross revenue and cash generating capacity continues its upward trend stemming from higher operational performance in all business units of GYH in 2013, in particular those of its port activities, mainly driven by Port Akdeniz and investments in the fields of energy supported by compressed natural gas and mining operations, REIT portfolio and financial sector. Although Global Liman İşletmeleri’s increased debt burden suppresses its ability to distribute dividends, a major contribution to the Company’s consolidated revenue; JCR is of the opinion that this adversity is expected to be eliminated through increased market share, net sales and additional contributions of newly purchased ports.
According to the statement, a decoupling factor for GYH is value creation and consequent cash conversion through the process of purchase or sale of assets in appropriate market conditions. Such strategies have caused sporadic movements in the composition of the Company’s financial structure in the first nine-month period of 2013.
JCR further adds that “On the other hand, taking into consideration the ever-growing structure of revenues from the sale of natural gas and the support by increasing cash generation potential for growth through the acquisition of a portion of the shares of the Ports of Montenegro, Singapore, Barcelona and Malaga within the scope of “Private Equity” function along with liquidity that can be supplied from national and international markets, GYH’s ‘BBB (Trk)’ note on the Long Term National Scale assigned by JCR Eurasia Rating on October 1, 2013 is assessed to be within the tolerance level referred by the assigned note and risk levels, and ‘BBB-‘note on the Long Term International Scale to be within the country ceiling note assigned for the Republic of Turkey in the sovereign rating category.”
The details of the revised ratings are provided in the table below:
| Global Yatırım Holding A.Ş. | Istanbul – November 20, 2013 |
| 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-3 (Trk) / (Stable Outlook) |
| Sponsor Support | 2 |
| Stand Alone | B |
www.globalyatirim.com.tr
For Detailed İnformation
Optima İletişim/0212 347 79 11/ Cihan Kardeşler / cihan@optima-tr.com
About GIH:
Global Yatırım Holding A.Ş. (GYH) was regrouped as a holding company in October 2004 to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. GYH is listed on Borsa Istanbul (as GLYHO.IS) and utilizes its experience in the finance sector for industrial business opportunities
