JCR Avrasya credit rating updates for Turkish companies

JCR Avrasya (also referred to as JCR Eurasia Rating) has issued several credit rating updates for Turkish corporations.

In mid-August 2026, the agency reaffirmed the long-term national corporate credit rating for Anadolu Efes Biracılık ve Malt Sanayii AŞ at ‘AAA (tr)’ with a ‘stable’ outlook, citing strong brand recognition and distribution networks despite risks from high financing costs and geopolitical uncertainties. Simultaneously, Rönesans Gayrimenkul Yatırım’s rating was reaffirmed at ‘A+ (tr)’, though its outlook was revised from ‘Positive’ to ‘Stable’ due to potential growth limitations from tight monetary policy and exchange rate volatility.

By late August 2026, the agency confirmed stable ratings for BİM Birleşik Mağazalar AŞ at ‘AAA (tr)’ and Orma Orman Mahsulleri Entegre Sanayi ve Ticaret AŞ at ‘BBB+ (tr)’. BİM’s rating was supported by consistent sales growth, store network expansion, and economies of scale in procurement, though price fluctuations in consumer goods remain a risk. Orma’s rating was supported by healthy sales revenue and significant export capacity, but tempered by high net debt/EBITDA ratios and financing expenses.

In the same period, JCR Eurasia confirmed a ‘BBB-(tr)’ rating with a ‘stable’ outlook for Kardemir Çelik, noting its increasing production capacity and export capabilities against risks of high leverage and raw material price volatility. Additionally, Gen İlaç’s rating was confirmed at ‘AA-(tr)’ with a ‘stable’ outlook, supported by R&D activities and international revenue growth, despite challenges from pharmaceutical industry competition and fixed exchange rate regimes.