JCR Avrasya reaffirms credit ratings for Anadolu Efes and Rönesans GYO

JCR Avrasya has issued updated credit ratings for two Turkish entities. Anadolu Efes Biracılık ve Malt Sanayii AŞ has had its long-term national corporate credit rating reaffirmed at ‘AAA (tr)’, with a ‘stable’ outlook. The rating reflects the company’s strong brand recognition, extensive distribution network, and historical operational experience. While EBITDA growth and margin improvements in the first half of 2026 supported consolidated profitability, risks include high financing costs affecting interest coverage, uncertainties regarding Russian operations, and geopolitical risks.

Rönesans Gayrimenkul Yatırım has had its long-term national corporate credit rating reaffirmed at ‘A+ (tr)’, though its outlook has been revised from ‘Positive’ to ‘Stable’. The company maintains a resilient income structure driven by high occupancy rates and increasing rental income. Despite a diversified portfolio and reasonable leverage, the rating agency noted risks such as tight monetary policy potentially limiting growth in the retail real estate sector, as well as sensitivity to exchange rate and interest rate volatility due to foreign currency and variable-rate debt.