JCR Eurasia Rating, has upgraded the ratings of Global Investment Holdings to ‘A- (Trk)’ and ‘A-1 (Trk)’ on the long and short term national scale and determined the outlooks on the ratings as ‘Stable’. 

In its periodic review, JCR Eurasia Rating has evaluated Global Investment Holdings in an investment-level category on the national and international scales and upgraded the ratings on the Long Term National Scale to ‘A- (Trk)’ and the Short Term National Scale to ‘A-1 (Trk)’ with ‘Stable’ outlooks. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’.

Positive trend and stabilization of revenue generation capacity of the Holding and the growth in the share of port operations in consolidated results are considered as positive indicators. Considering the fact that port infrastructure operations and energy investments are creating FX revenue both in local and foreign markets and have strong potential via strategic partnerships and enlarging geographical spectrum, GIH’s International Local and Foreign Currency Ratings are affirmed as ‘BBB- /Stable’.

Global Investment Holdings’ main shareholders are deemed adequate in terms of financial power considering the diversification of sectors involved and competitive advantage. In this regard, the major shareholders have the adequate willingness and experience to ensure long-term liquidity and equity within their financial capability when required and the Company’s Sponsor Support Grade has been determined as (2), which denotes adequate external support.

The Stand-Alone grade, denoting GIH’s ability to fulfil the liabilities with its own resources, has been determined as (B), indicating that level of capacity to utilize internal resources are adequate, considering the high EBITDA generated from port infrastructure operations, cash balance and the current equity level.

Global Investment Holdings’ CFO, Mehmet Kerem Eser, stated that “With the support of our unmatched diversified portfolio structure, prudent risk measures, and uninterrupted investments, we have continued to deliver solid operational results, despite the general uncertainty around global trade. This resilience was also confirmed by JCR Eurasia Rating. Additionally, despite the fact that the outlook of Turkey’s sovereign rating is determined as ‘Negative’ on August 14,2018, JCR Eurasia Rating has assigned the outlooks on the international long and short term local currency as ‘Stable’, considering Group increasing foreign currency generation capacity.

Other notes and details of the ratings are:             

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