JCR Eurasia confirms stable credit ratings for BİM and Orma

JCR Eurasia Rating has updated the credit ratings for BİM Birleşik Mağazalar AŞ and Orma Orman Mahsulleri Entegre Sanayi ve Ticaret AŞ, maintaining a stable outlook for both companies.

For BİM, the long-term national corporate credit rating was confirmed at AAA (tr) with a stable outlook. The assessment highlighted BİM’s consistent sales growth, store network expansion, and increasing basket size. The company’s ability to leverage economies of scale in procurement and improve margins through cost-effective private label products were noted as strengths. However, the report cautioned that price fluctuations in the fast-moving consumer goods sector and geopolitical uncertainties remain risks.

Orma’s long-term national corporate credit rating was confirmed at BBB+ (tr), also with a stable outlook. Key supporting factors include its capacity for healthy sales revenue, positive cash flow, and significant export sales across diverse geographic markets. While high equity levels and investment potential were noted, the rating was tempered by high net debt/EBITDA ratios, low interest coverage, and the impact of financing expenses on net profit. Geopolitical risks and global trade uncertainties were also identified as potential constraints.