Fitch downgrades several Turkish companies
The leading rating agency previously downgraded Turkey on its debt scale due to high inflation in the country.
Fitch Ratings downgraded the debt ratings of several Turkish companies today.
Among those affected were the glass manufacturer Sisecam, the pension fund OYAK, the household appliances maker Arcelik, the telecommunication firms Turk Telecom and Turkcell, the real estate developer Emlak Konut, Pegasus Airlines, and a group of assets held by Turkish Airlines, Fitch said in a press release.
The companies are now in the BB and B range of Fitch’s ratings scale, which indicates more risk of default of payments. The New York-based credit rating agency evaluates an entity’s ability to pay back its debt.
Last week, Fitch downgraded the Turkish government as a whole to a B+, citing high inflation and a lack of confidence in policymakers to improve the situation.
