JCR Eurasia Rating has affirmed a high investment grade credit rating of ‘A- (Trk)’ on the Long Term National Scale along with a ‘Stable’ outlook to “Global Liman İşletmeleri A.Ş.”
27 September 2013
Global Liman İşletmeleri A.Ş., 99.99% subsidiary of Global Yatırım Holding A.Ş., a publicly traded company in Istanbul Stock Exchange, has recently concentrated its efforts throughout 2013, into transferring its know-how gained domestically, to the international arena. As such, the Company won the bid for the privatization of Port of Bar-Montenegro, and has plans to bid for other privatizations in countries in the region.
Taking into account the Company’s internal fund generating capacity, balance sheet composition, business structure, group synergy, market penetration, increasing interest of foreign institutions, the organic and inorganic growth potential domestically and internationally, foreign currency revenue generating capacity, the capability to access long term resources and the risks and opportunities offered by the current economic conjuncture, the Company’s long-term international foreign currency grade has been confirmed as BBB-, the sovereign national ratings of the Republic of Turkey.
The level of the shareholders’ willingness to provide support to the Company and its financial strengths has been assessed as (2) in the Sponsor Support category and the Company’s ability to manage the risks undertaken within its own capabilities has been assessed as (AB) in the Stand-Alone category. While the (AB) notation in Stand Alone category denotes a “high” level based on JCR Eurasia’s notation system and showed that the institution will fulfill its obligations without external support, with the notation of (2) indicating an adequate level of external support.
The details of the revised ratings are provided in the tables below:
Global Liman İşletmeleri A.Ş. Istanbul – May 23, 2013 Istanbul – June 18, 2012
Long Term International Foreign Currency BBB- / (Stable Outlook) BBB-/ (Stable Outlook)
Long Term International Local Currency BBB- / (Stable Outlook) BBB- / (Stable Outlook)
Long Term National Local Rating A- (Trk) / (Stable Outlook) A- (Trk) / (Stable Outlook)
Short Term International Foreign Currency A – 3 / (Stable Outlook) A – 3 / (Stable Outlook)
Short Term International Local Currency A – 3 / (Stable Outlook) A – 3 / (Stable Outlook)
Short Term National Local Rating A-1+ (Trk) / (Stable Outlook) A-1+ (Trk) / (Stable Outlook)
Sponsor Support 3 2
Stand Alone B AB
For Detailed İnformation
investor@global.com.tr
About GIH
Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company on October 2004 (www.globalyatirim.com.tr) to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. Global Investment Holdings is listed on the Borsa Istanbul (as GLYHO.IS) and utilizes its experience in the finance sector, for industrial business opportunities.
About Global Ports Holding
Global Ports Holding (Global Port) was established to utilize commercial and cruise port opportunities in Turkey and the Mediterranean area. Global Ports Holding is a unique port group and operator in Turkey, currently managing three leading cruise and commercial ports. Since 2003, the Global Ports Group has developed a portfolio of strategically located ports in Turkey, each providing exceptional hinterland access with strong market demand fundamentals. Global Port is the largest port operator having 50% of cruise port market of Turkey on the basis of number of cruise passengers received in 2012.
