S&P assigns B/B to Fleetcorp

S&P said it assigned B/B long- and short-term issuer credit ratings to Fleetcorp Operasyonel Tasit Kiralama ve Turizm AS.

The outlook is stable.

At the same time, the agency assigned trBBB/trA-3 long- and short-term Turkey national scale ratings to Fleetcorp.

“The ratings incorporate our view of Fleetcorp's monoline business model, its geographic concentration in Turkey's volatile economy and high debt leverage,” S&P said in a news release.

“We also take into account Fleetcorp's adequate liquidity supported by available banking lines, good brand recognition and significant market share as one of the five largest fleet managers in Turkey.”

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