S&P ups Arcelik

S&P said it upgraded Arcelik AS and its senior unsecured debt to BB+ from BB.

“Arcelik showed strong operational and financial results in 2020 thanks to stronger than expected demand, favorable FX trends, good working capital control, and no dividend payments. The company posted stellar results in 2020 despite a weak second quarter. Revenues rose 28% thanks to very strong growth in both domestic and international markets, coupled with positive foreign exchange impact due to a weaker Turkish lira (TRY) versus euros,” S&P said in a press release.

The agency said it projects the group maintaining EBITDA interest coverage well within the 3x-4x range in the next 12-18 months.

The outlook is stable.

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