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Notification of Fitch Rating Decision
Fitch Ratings has downgraded Coca-Cola Icecek A.S.'s (CCI) Long Term Foreign Currency (FC) Issuer Default Rating (IDR) and senior unsecured rating to ‘BBB-' from 'BBB'. The Long-Term Local Currency (LC) IDR is affirmed at ‘BBB'. The IDR Outlooks are Stable.
The downgrade follows the sovereign rating action that resulted in Turkey's Long Term Foreign Currency (LTFC) IDR being downgraded to 'BB+' from 'BBB-', on 27 January 2017 and the Country Ceiling being revised to 'BBB-' from 'BBB.
The Long-Term FC and LC IDRs have been notched up to reflect the operational and strategic relationship with The Coca-Cola Company (TCCC). The Country Ceiling constrains the Long-Term FC IDR at ‘BBB-'. No operating environment influence was in effect for these ratings. The CCI's ‘BBB-' rating is one notch above the sovereign rating.
We hereby declare that our above statements are in conformity with the principles included in the Capital Markets Board's Communiqué on Material Events, that they fully reflect the information we have acquired, that the information complies with our books, records and documents, that we have made our best effort to fully and accurately obtain all information regarding the matter and that we are responsible for this disclosure made hereby.
This is an English translation of the original official public disclosure made by Coca-Cola İçecek in Turkish through the Public Disclosure Platform (www.kap.gov.tr ), for information purposes only. In the event of any discrepancy between this translation and the original Turkish disclosure, the original Turkish disclosure shall prevail. Coca-Cola İçecek makes no warranties or representations about the accuracy or completeness of the English translation and assumes no liability for any errors, ommissions or inaccuracies that may arise from use of this translation.
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