Moody's Downgrades 8 Turkish Companies

Moody's Downgrades 8 Turkish Companies   Moody's downgrades 8 Turkish companies. Grades were downgraded to B2, while the negative outlook remained stable. International credit rating agency Moody's Investors Service reported that 8 non-financial Turkish companies lowered their credit rating to B2. While the ratings decreased, the negative view was maintained. The organization had dropped Turkey's rating from B1 to B2 a short time ago.   The companies that Moodys downgraded last week are as follows: '' Anadolu Efes Beer and Malt Sanayii, Coca-Cola Beverages, Eregli Iron and Steel Factories, Koc Holding, Armed Forces Pension Fund, Turkcell Iletisim Hizmetleri, Turkey Petroleum Refineries and Turkey Bottle and Glass Factories. ''   Moody's lowered Erdemir's national CFR rating from "Aa2.tr" to "A2.tr". Petkim's B2 negative, Rönesans Gayrimenkul's B2 negative and THY's B3 negative rating and outlook remained the same as the foreign currency of the country is below the ceiling. In the organization's announcement, downgrade was a direct result of both Turkey and Turkey's foreign currency bond ceiling. Furthermore as reported, if Turkey's foreign currency bond ceiling may rise, the company reduced the note can rise as well. On the other hand, it was emphasized that there should be no tangible deterioration in the operational and financial performances, market position and liquidity of these companies in order to increase the rating.