JCR-ER announced in a statement released yesterday that Çalık’s long-term foreign and domestic currency ratings were increased from B+ to BB-, while its short-term foreign and domestic currency ratings were left unchanged with a “stable” outlook. JCR-ER also raised the long-term foreign and domestic currency ratings of Aktif Bank, a subsidiary of Çalık Holding, by one notch, from BB- to BB, defining the outlook as “stable.”
The İstanbul-based credit rating agency underlined in the statement that Çalık Holding employs approximately 20,000 workers in a number of sectors, ranging from energy to finance, from construction to textile and from telecommunication to media. With its partnerships with companies from around the world and a number of investment projects in strategic sectors, Çalık is becoming an important player in the global arena, the statement read. Çalık Holding will reach a much more positive financial balance in time with its long-term investments completed, JCR-ER said in the statement, citing in particular investments made in the energy sector.
The move came only a couple of days after the upgrade of Turkey’s credit rating by one note, BB- to BB, by JCR, which cited Turkey’s impressive performance in the face of the global financial crisis and its “autonomous recovery” in 2009.
