JCR Eurasia Rating revised the outlook of GYH’s Long Term International Foreign Currency rating
29 May 2013
Due to the upgrading of Turkey’s Sovereign Rating, the international FC and international LC notes of 47 companies and institutions have been upgraded by JCR Eurasia Rating. In addition, outlooks have been revised for some institutions.
As such, Long Term International Foreign Currency rating of GYH and Global Liman İşletmeleri A.Ş., a 100% subsidiary of GYH, have been revised to BBB- (Stable Outlook) from BB (Stable Outlook) and to BBB- (Stable Outlook) from BB+ (Stable Outlook), respectively.
Kerem Eser, the Chief Financial Officer of GYH, stated that the investment upgrade by JCR Eurasia Rating further underscores the management’s belief that the Group now has the perfect climate to expand its efforts in power generation, compressed gas sales and port acquisitions as cheaper financing options with longer maturity terms become available from the debt markets.
The details of the revised ratings are provided in the tables below:
| Global Yatırım Holding A.Ş. | Istanbul – November 13, 2012 | Istanbul – May 29, 2013 Upgraded |
| Long Term International Foreign Currency | BB / (Stable Outlook) | BBB- / (Stable Outlook) |
| Long Term International Local Currency | BB / (Positive Outlook) | BBB- / (Stable Outlook) |
| Long Term National Local Rating | BBB- (Trk) / (Positive Outlook) | BBB- (Trk) / (Positive Outlook) |
| Short Term International Foreign Currency | B / (Stable Outlook) | A – 3 / (Stable Outlook) |
| Short Term International Local Currency | B / (Stable Outlook) | A – 3 / (Stable Outlook) |
| Short Term National Local Rating | A-3+ (Trk) / (Stable Outlook) | A-3+ (Trk) / (Stable Outlook) |
| Sponsor Support | 3 | 3 |
| Stand Alone | BC | BC |
| Global Liman İşletmeleri A.Ş. | Istanbul – June 18, 2012 | Istanbul – May 29, 2013 Upgraded |
| Long Term International Foreign Currency | BB+ / (Stable Outlook) | BBB- / (Stable Outlook) |
| Long Term International Local Currency | BB / (Stable Outlook) | BBB- / (Stable Outlook) |
| Long Term National Local Rating | A- (Trk) / (Stable Outlook) | A- (Trk) / (Stable Outlook) |
| Short Term International Foreign Currency | B / (Stable Outlook) | A – 3 / (Stable Outlook) |
| Short Term International Local Currency | B / (Stable Outlook) | A – 3 / (Stable Outlook) |
| Short Term National Local Rating | A-1+ (Trk) / (Stable Outlook) | A-1+ (Trk) / (Stable Outlook) |
| Sponsor Support | 3 | 3 |
| Stand Alone | B | B |
Further Information:
investor@global.com.tr
About GYH
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.
