Turkcell’s “Investment Grade” Status Affirmed Twice in a Week
April 02 2018 - 8:45AM
Business Wire
Following the Annual General Assembly Meeting where successful
2017 results were approved, Fitch published its new report on
Turkcell (NYSE:TKC) (BIST:TCELL) affirming “investment grade”
status and revised its outlook from “negative” to “stable.”
International credit rating agency Fitch noted that Turkcell’s
financial strength is comparable to those of higher rated western
European telecom peers.
Turkcell’s bond, potentially to be issued in April, is also
rated “investment grade” at BBB- by Fitch.
Shortly after the report by international credit rating agency
S&P affirming an “investment grade” rating of Turkcell, Fitch
affirmed the “investment grade” rating at BBB- and revised
Turkcell’s outlook from “negative” to “stable.” Fitch noted that
Turkcell’s financial strength is comparable to those of higher
rated western European telecom peers, and Turkcell has arguably
developed a broader understanding of mobile-based digital services
and data monetization.
Turkcell’s bond, potentially to be issued in April with an
amount up to 750 million USD in international markets, is also
rated “investment grade” at BBB- by Fitch.
On the same day of the report, Turkcell’s Annual General
Assembly Meeting was held and 1.9 billion TL in dividend
distribution was approved. According to the company release: “We
are happy to be able to share the financial success of our company
again this year with our shareholders with this dividend
decision.”
The Fitch report, published following the AGM meeting,
highlighted the strategies and financial strength of Turkcell.
Fitch listed the key rating drivers and factors for the improvement
as the digital service strategy, a strong financial and operational
outlook, a strong balance sheet and fx risk management, while also
commenting that Turkcell has stronger growth potential than its
peers.
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version on businesswire.com: https://www.businesswire.com/news/home/20180402005457/en/
Turkcell Corporate CommunicationsBurak Mergen, Mobile:
+90-532-210 60 20International Media
Relationsburak.mergen@turkcell.com.tr
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