[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
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Hayır (No)
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Hayır (No)
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Hayır (No)
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Fitch Ratings ("Fitch") has downgraded Anadolu Efes' Long-Term Foreign-Currency Issuer Default Rating and Local Currency Issuer Default Rating by one notch from BBB- to BB+. Fitch has also placed all ratings on Rating Watch Negative.

The challenging macroeconomic environment in Company's operating markets was the main driver of the rating action while adequate liquidity position of the Company including the hard currency balances were acknowledged.