S&P Global Upgrades Turkish Telecom's Credit Rating

On November 1, S&P Global raised Turkey's unsolicited long-term country credit ratings to 'BB-' and consequently upgraded Türk Telekom's (IS:TTKOM) credit ratings as well. "We rate Türk Telekom above the country because it has passed our hypothetical country default stress test; however, since Türk Telekom generates over 90% of its revenues in Turkey, the ratings are capped at our T&C assessment for the country," S&P Global stated. They upgraded Türk Telekom's long-term issuer credit rating from 'BB-' to 'BB' and confirmed its short-term issuer credit rating at 'B'. Additionally, they also raised the rating on senior unsecured debt issuance in parallel with the issuer credit rating from 'BB-' to 'BB', and the outlook was set to "stable," in line with Turkey's long-term rating outlook.