JCR Eurasia confirms credit ratings for Kardemir Çelik and Gen İlaç

JCR Eurasia Rating has released credit rating assessments for two Turkish companies, Kardemir Çelik and Gen İlaç.

For Kardemir Çelik, the agency confirmed a long-term national corporate credit rating of ‘BBB-(tr)’ with a ‘stable’ outlook. The assessment highlighted the company’s increasing production capacity, export capabilities, and strong EBITDA generation potential. However, the report noted risks including high leverage, short-term debt, rising financing costs, and volatility in steel and raw material prices.

Gen İlaç saw its long-term national corporate credit rating confirmed at ‘AA-(tr)’ with a ‘stable’ outlook. Positive factors include the company’s capacity-increasing investments, R&D activities, and expected revenue growth from international operations. Despite increasing debt, the company is expected to maintain reasonable financial leverage. Challenges noted include high competition in the pharmaceutical industry and the impact of fixed exchange rate regimes on profitability.