JCR-Eurasia Rating revised the outlook of Global Yatırım Holding A.Ş.’s Long Term International Local Currency rating to ’Positive’ from ‘Stable’
12 November 2012
JCR-Eurasia Rating affirmed the ‘Positive’ outlook of Global Yatırım Holding A.Ş.’s investment grade credit rating of ‘BBB- (Trk)’ on the Long Term National Scale and revised the outlook of its Long Term International Local Currency rating to ‘Positive’ from ‘Stable’.
JCR-Eurasia Rating underlined the fact that geographically secured position of the port operations in the Holding’s portfolio against competition and their sustainable income generation capacity added a new lane and provided diversity in income mix through their internal resource generation capacity in addition to Global’s revenue profile featured by asset sales.
In their report, JCR-Eurasia further stated that the result of the subsidiary sale during the 3rd quarter of 2012 on the Holding’s financial statements through marked improvements in indebtedness ratios in favor of its equity as well as in profitability indicators underpin to a further extent the ‘Positive’ outlook for Holding’s rating on the Long Term National Scale assigned by JCR-ER in the previous rating action in the report dated March 30, 2012. It is also assessed by JCR-ER that the extent to which these will have a lasting effect with regard to a rating upgrade will be clarified subsequent to disclosure of 2012 year-end financial statements. On the other hand, the outlook for the Holding’s Long Term International Local Currency ‘BB’ rating is revised to ‘Positive’ from ‘Stable’.
Kerem Eser, the Group CFO, commenting on the rating report stated that the diversity in Group’s sustainable revenue streams and recent improvements in portfolio structure, coupled with a strong equity base and a healthy overall financial position have positively contributed to GIH’s risk perception among investors. Eser further underlined that GIH will continue to grow with new projects under development, which they believe will lead to further rate increases in the short term.
The details of the revised ratings in this regard are given in the table below:
Long Term International Foreign Currency:
| Long Term International Foreign Currency | : | BB / (Stable Outlook) |
| Long Term International Local Currency | : | BB / (Positive Outlook) |
| Long Term National Local Rating | : | BBB- (Trk) / (Positive Outlook) |
| Short Term International Foreign Currency | : | B / (Stable Outlook) |
| Short Term International Local Currency | : | B / (Stable Outlook) |
| Short Term National Local Rating | : | A-3+ (Trk) / (Stable Outlook) |
| Sponsor Support | : | 3 |
| Stand Alone | : | BC |
Further Information:
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.com
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 Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.
