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English
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Credit Rating
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Hayır (No)
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Fitch Ratings ("Fitch") has affirmed Long-Term Foreign-Currency Issuer Default
Rating and Local Currency Issuer Default Rating of Anadolu Efes as "BBB-" with "Stable"
outlook.
The rating remains supported by Anadolu Efes' leading positions in its core markets with a strong
brand portfolio and conservative capital structure. The ratings also take into account Fitch's
expectations that Anadolu Efes will continue strengthening profitability at its joint venture (JV) in
Russia and Ukraine as well as the scope for stabilizing market share and profits in the Turkish
home market.
Fitch assesses Anadolu Efes' liquidity profile as adequate and their evaluation incorporates
Company's recently announced dividend distribution proposal in 2020.