[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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Credit Rating
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Hayır (No)
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Following its annual review of the corporate credit rating, Standard & Poor's ("S&P") maintained the long-term corporate credit rating and outlook of Anadolu Efes as "BBB-/Stable".

In S&P's assessment, Anadolu Efes' business risk was rated as satisfactory, financial risk as intermediate and liquidity as adequate.

In its report, S&P underlines Anadolu Efes' balanced portfolio of beer and soft drinks supported by well-known brands, leading positions in numerous markets including Russia, improved geographical diversity and long track record of positive free operating cash flow as key credit strengths.

The stable outlook reflects S&P's view of Anadolu Efes maintaining a prudent financial policy with moderate debt leverage in 2020 where the Company's operating performance to remain resilient overall with a rebound in 2021 with positive free cash flow generation in both years.

Following Fitch Rating's and S&P's affirmation of the ratings, Anadolu Efes maintains to be the only Investment Grade Issuer in Turkey.