Fitch Ratings has downgraded Sasa Polyester Sanayi to 'B-' with a stable outlook.

Fitch Ratings downgraded the Long-Term Issuer Default Rating (IDR) of Turkey's largest polyester producer, Sasa Polyester Sanayi Anonim Şirketi, from 'B' to 'B-' on Friday. This downgrade reflects limited financial flexibility, ongoing capital investments amid weak market conditions, and a high level of short-term debt. The outlook remains stable.

The downgrade mirrors the company's high leverage, which has exceeded Fitch's previous 5x negative sensitivity threshold for an extended period. The stable outlook is based on expectations that Sasa will gradually reduce its leverage ratio toward the 5x level by the end of 2026, assuming no significant growth capital expenditures or deferral of the next investment phase until its financial profile strengthens significantly.