Jul 14 2018

Koç credit rating cut by S&P

Koç Holding, Turkey’s largest conglomerate, has had its credit ratings cut by rating agency Standard and Poors, according to Turkish News website T24.  

The holding company, which traces it origins back to 1926, has a wide range of interests including in Turkey’s banking and energy sectors, both of which have been under scrutiny recently as fears over the ability of businesses to pay back their debts have increased.  

Koç Holding’s new rating is BB+, reduced a notch from BBB-, with a short term credit rating of B and a stable outlook, taking the company below investment grade.

The news comes following Friday’s announcement by another ratings company, Fitch, to downgrade Turkey’s rating, adding to widespread fears over the state of the country’s economy.