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Fitch Ratings Upgraded CCI’s Credit Rating to 'BBB'

Fitch Ratings Upgraded CCI’s Credit Rating to 'BBB'

27.06.2023

Fitch Ratings upgraded Coca-Cola İçecek's (CCI) Long-Term Issuer Default Rating by one notch. Fitch Ratings upgraded CCI's investment grade credit rating to “BBB” and set the outlook as “Stable”. CCI's net sales revenue and Earnings Before Interest, Taxes, Depreciation and Amortization almost doubled in 2022 contributing to the upgrade of the rating. This upgrade reinforced CCI’s status as the highest graded company in Türkiye.

International credit rating agency Fitch Ratings upgraded Coca-Cola İçecek's (CCI) Long-Term Issuer Default Rating by one notch. Additionally, the outlook of the credit rating affirmed as “BBB”, is set as “Stable”. Fitch also upgraded CCI's Local-Currency Long-Term Issuer Default Rating and Long-Term Senior Unsecured Rating by one notch to “BBB”. CCI's National Credit Rating has been affirmed as “AAA (tur)” which is the highest ranking. Fitch Ratings noted in its credit report that CCI’s continued strong operating profitability is supported by the successful execution of its expansion plan. The report also emphasized that almost doubling of CCI's net sales revenue and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in 2022 contributed to the upgrade of the rating.

Fitch strenghtens CCI’s status as the highest graded company in Türkiye.

Burak Başarır, CEO of CCI, emphasized that Fitch strengthened CCI’s status as the highest graded company in Türkiye by upgrading its credit rating to “BBB”. He added, “Our credit rating continues to be supported by CCI's position in its core markets, its strong capital structure and the resilient nature of the beverage industry. CCI's credit rating is also positively impacted by The Coca-Cola Company’s strategic support in line with Fitch’s relevant methodology. As CCI, we are moving forward strongly thanks to our robust shareholding structure, our growth potential in the geographies we operate and our disciplined financial structure.”

CCI is the only Turkish company that received the “Investment Grade” rating by Fitch Ratings. Last year, Fitch Rating