Standard & Poor's upgrades Anadolu Efes's credid rating.
Anadolu Efes becomes the first Turkish company to receive “investment grade” rating.
International credit-rating agency Standard & Poor’s increased its long-term ratings on Anadolu Efes to investment grade 'BBB-' from 'BB+'. S&P’s rating increase is based on not only Anadolu Efes’ sound financial performance and free cash flow generation abilities, but also the improvement in the Company’s business risk profile following the acquisition of SABMiller’s operations in Russia and Ukraine. The agency raised Anadolu Efes’ business risk profile assessment to “adequate” from “satisfactory”.
In its report, S&P cited stronger competitive position of Anadolu Efes in Russia due to increased economies after the acquisition as well as operational benefits of stronger control of supply chain and sales and distribution channels. The agency also said that it expects Anadolu Efes to keep adjusted debt to EBITDA below 2x and continue to generate free cash flow.