Turkey http://www.alacrastore.com/country-snapshot/Turkey Thursday, January 08, 2009 5:27:36 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/693258spcred/693258normglobal12/24/2008 3:36:31 PM175Summary693258TurkeyOther Diversified Financial ServicesEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsSummaryThe ratings on Turkey-based pension fund OYAK (Ordu Yardimlasma Kurumu) reflect its large and diverse investment portfolio, low leverage, good track record of profitable performance, and its solid liquidity position. The ratings are constrained, however, by the group's heavy exposure to the Turkish economy and associated country risks. OYAK is the Turkish armed forces supplementary pension fund and one of the largest industrial conglomerates in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B). Its equity portfolio spans iron and steel manufacturing, cement, auto manufacturing and distribution, and power generation. Complimentary business activities within the portfolio offer substantial opportunities for synergies. During 2008, OYAK further reduced its financial services holdings through the sale of its 50% stake in AxaTUR40201020 402010 4020 40OYAK (Ordu Yardimlasma Kurumu)395670EMERGINGEUROMIDAFR1016Z@TISUMMARYGLOBISSCORPLEVFINCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/692312spcred/692312normThe latest News from S&Pglobal12/22/2008 10:27:45 AM100News692312TurkeyConsumer ElectronicsEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsHigh TechnologyNewsPARIS (Standard&Poor's) Dec. 22, 2008--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Turkey-based consumer electronics and white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. to 'B-' from 'B'. The outlook is negative. At the same time, we lowered the issue rating on the $225 million guaranteed notes issued by Vestel Electronics Finance Ltd. to 'B-' from 'B', in line with the corporate credit rating. The notes carry a recovery rating of 4, indicating our expectation of average (30%-50%) recovery in the event of a payment default. At Sept. 30, 2008, Vestel had gross unadjusted debt of about $543 million. "The downgrade reflects Vestel's continued low headroom under its financialTUR92548M25201010 252010 2520 25Vestel Elektronik Sanayi Ve Ticaret A.S.343388EMERGINGEUROMIDAFRVESTL@TINEWSGLOBISSCORPLEVFINHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/692313spcred/692313normThe latest Research Update from S&Pglobal12/22/2008 10:27:45 AM175Research Update692313TurkeyConsumer ElectronicsEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsHigh TechnologyResearch UpdateOn Dec. 22, 2008, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Turkey-based consumer electronics and white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. to 'B-' from 'B'. The outlook is negative. At the same time, we lowered the issue rating on the $225 million guaranteed notes issued by Vestel Electronics Finance Ltd. to 'B-' from 'B', in line with the corporate credit rating. The notes carry a recovery rating of 4, indicating our expectation of average (30%-50%) recovery in the event of a payment default. At Sept. 30, 2008, Vestel had gross unadjusted debt of about $543 million. The downgrade reflects Vestel's continued low headroom under its financial covenants in a very difficult operatingTUR92548M25201010 252010 2520 25Vestel Elektronik Sanayi Ve Ticaret A.S.343388EMERGINGEUROMIDAFRVESTL@TIRESUPDTUR92548Q25201010 252010 2520 25Vestel Electronics Finance Ltd.344235EMERGINGEUROMIDAFRGLOBISSCORPLEVFINHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/691254spcred/691254normThe latest Summary from S&Pglobal12/18/2008 4:27:36 AM175Summary691254TurkeyDiversified BanksEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsSummaryThe ratings on Turkish bank T.C. Ziraat Bankasi A.S. (Ziraat) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B) as well as challenges related to the bank's ongoing restructuring, limited revenue diversification, increased competition, and deteriorating economic prospects. These negative factors are partly offset by government ownership and support, the bank's stable retail funding base, fairly good balance sheet liquidity, limited single-name concentration risks, and continued progress with restructuring, as highlighted by an improving financial and commercial profile. Standard&Poor's Ratings Services' ratings on Ziraat are based on the bank's stand-alone credit quality, and do not include any uplift for extraordinary external support, even though we classify the bank asTUR40101010 401010 4010 40T.C. Ziraat Bankasi A.S.127991EMERGINGEUROMIDAFR1001Z@TISUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/691252spcred/691252normThe latest Full Report from S&Pglobal12/18/2008 4:27:36 AM400Full Report691252TurkeyDiversified BanksEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsFull ReportFull government ownership Strong market position Stable retail funding base and relatively good balance sheet liquidity Limited single-name concentrations in loans and deposits High risk economic and banking environment Tough competition, heightened by foreign-owned banks Challenging shift from public to private sector operations and culture Limited revenue diversification with still significant dependence on income from government securities The ratings on Turkish bank T.C. Ziraat Bankasi A.S. (Ziraat) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B) as well as challenges related to the bank's ongoing restructuring, limited revenue diversification, increased competition, and deteriorating economic prospects. These negative factors are partly offset by government ownership and support, the bank's stable retail fundingTUR40101010 401010 4010 40T.C. Ziraat Bankasi A.S.127991EMERGINGEUROMIDAFR1001Z@TIFULLGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/690879spcred/690879normThe latest Full Report from S&Pglobal12/17/2008 8:30:08 AM400Full Report690879TurkeyDiversified BanksEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsFull ReportFull government ownership Strong market position Stable retail funding base and relatively good balance sheet liquidity Limited single-name concentrations in loans and deposits High risk economic and banking environment Tough competition, heightened by foreign-owned banks Challenging shift from public to private sector operations and culture Limited revenue diversification with still significant dependence on income from government securities The ratings on Turkish bank T.C. Ziraat Bankasi A.S. (Ziraat) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B) as well as challenges related to the bank's ongoing restructuring, limited revenue diversification, increased competition, and deteriorating economic prospects. These negative factors are partly offset by government ownership and support, the bank's stable retail fundingTUR40101010 401010 4010 40T.C. Ziraat Bankasi A.S.127991EMERGINGEUROMIDAFR1001Z@TIFULLGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/690880spcred/690880normThe latest Summary from S&Pglobal12/17/2008 8:30:08 AM175Summary690880TurkeyDiversified BanksEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsSummaryThe ratings on Turkish bank T.C. Ziraat Bankasi A.S. (Ziraat) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B) as well as challenges related to the bank's ongoing restructuring, limited revenue diversification, increased competition, and deteriorating economic prospects. These negative factors are partly offset by government ownership and support, the bank's stable retail funding base, fairly good balance sheet liquidity, limited single-name concentration risks, and continued progress with restructuring, as highlighted by an improving financial and commercial profile. Standard&Poor's Ratings Services' ratings on Ziraat are based on the bank's stand-alone credit quality, and do not include any uplift for extraordinary external support, even though we classify the bank asTUR40101010 401010 4010 40T.C. Ziraat Bankasi A.S.127991EMERGINGEUROMIDAFR1001Z@TISUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3621datamonitoress/DBCM3621pdf...The Household Products market cons ists of Toilet care, Furniture polish, Insect icides, Textile washi ng products, Scouring produ cts, General purpose cleaners, Air freshener s, Bleach and Dishwashing products. ... Databook495.0012/16/2008 1:49:43 PM405ConsumerHouseholdTurkeyDBCM3621Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/spcred/686721spcred/686721normThe latest Full Report from S&Pglobal12/1/2008 1:08:54 PM400Full Report686721TurkeyWireless Telecommunication ServicesEmerging MarketsEurope, Middle East, AfricaLatin AmericaGlobal IssuersCorporationsTelecommunications & CableFull ReportStrong position on the Turkish mobile market Low gross leverage Large cash balances, including large amounts matched to debt currency Cash burn in Ukraine and Belarus Shareholder disputes Currency mismatches and volatile domestic environment Constraining the rating on leading Turkish mobile telecommunications group Turkcell Iletisim Hizmetleri A.S. are the volatile Turkish macroeconomic environment, potential currency swings, international expansion in Ukraine and Belarus, and continuing legal disputes among the group's major shareholders. Supportive factors include the company's strong performance in the dynamic but gradually maturing Turkish mobile telephony market, good cash flow generation, and conservative balance sheet. Competitors, including Vodafone Group PLC (A-/Stable/A-2), have only eroded Turkcell's market share to a limited extent (it was 56% at Sept. 30, 2008, comparedTUR90011150102010 501020 5010 50Turkcell Iletisim Hizmetleri A.S.324452EMERGINGEUROMIDAFRLATAMERICATCELL@TIFULLGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/686722spcred/686722normThe latest Summary from S&Pglobal12/1/2008 1:08:54 PM175Summary686722TurkeyWireless Telecommunication ServicesEmerging MarketsEurope, Middle East, AfricaLatin AmericaGlobal IssuersCorporationsTelecommunications & CableSummaryConstraining the rating on leading Turkish mobile telecommunications group Turkcell Iletisim Hizmetleri A.S. are the volatile Turkish macroeconomic environment, potential currency swings, international expansion in Ukraine and Belarus, and continuing legal disputes among the group's major shareholders. Supportive factors include the company's strong performance in the dynamic but gradually maturing Turkish mobile telephony market, good cash flow generation, and conservative balance sheet. Competitors, including Vodafone Group PLC (A-/Stable/A-2), have only eroded Turkcell's market share to a limited extent (it was 56% at Sept. 30, 2008, compared with 60% at year-end 2006). Sustained subscriber growth and rising usage on Turkcell's network and in post-paid subscriber numbers have supported local currency average revenue per user (ARPU), which was up 4%, year onTUR90011150102010 501020 5010 50Turkcell Iletisim Hizmetleri A.S.324452EMERGINGEUROMIDAFRLATAMERICATCELL@TISUMMARYGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/685547spcred/685547normThe latest Summary from S&Pglobal11/25/2008 1:04:00 PM175Summary685547TurkeyDiversified BanksEurope, Middle East, AfricaEmerging MarketsGlobal IssuersFinancial InstitutionsSummaryThe ratings on Türkiye Vakiflar Bankasi T.A.O. (VakifBank) reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B); the bank's restructuring and rationalization challenges; vulnerable asset quality; and substantial, although declining, reliance on public sector deposits. These negative factors are somewhat mitigated by VakifBank's strong commercial position, adequate profitability and capitalization, and limited single-name lending concentrations. The ratings on VakifBank reflect its stand-alone credit quality and do not include any uplift for extraordinary external support. Standard&Poor's Ratings Services considers the bank to be a systemically important bank in Turkey. Nevertheless, in line with our rating approach in "supportive" countries, where the government relies mainly on prudential policies to maintain aTUR90015*40101010 401010 4010 40Turkiye Vakiflar Bankasi T.A.O.305080EUROMIDAFREMERGINGVAKBN@TISUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/685529spcred/685529normThe latest Summary from S&Pglobal11/25/2008 12:55:00 PM175Summary685529TurkeyDiversified BanksEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsSummaryThe ratings on Turkish bank T.C. Ziraat Bankasi A.S. reflect the risky banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B), and challenges related to the bank's ongoing restructuring, limited revenue diversification, increased competition, and deteriorating economic prospects. These negative factors are partly offset by government ownership and support, the bank's stable retail funding base, fairly good balance sheet liquidity, limited single-party concentration risks, and continued progress with restructuring, as highlighted by an improving financial and commercial profile. Standard&Poor's Ratings Services' ratings on Ziraat are based on the bank's stand-alone credit quality and do not include any uplift for extraordinary external support, even though we classify the bank as a government-related entity.TUR40101010 401010 4010 40T.C. Ziraat Bankasi A.S.127991EMERGINGEUROMIDAFR1001Z@TISUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3417datamonitoress/DBCM3417pdf...The Turkish Confectionery market volume totaled ### million kg in ####, representing a CAGR of #.#% since ####. ... Databook495.0011/24/2008 5:43:24 PM606FoodConfectioneryTurkeyDBCM3417Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3467datamonitoress/DBCM3467pdf...The Turkish Fragrances market volume totaled #.# milli on units in ####, representing a CAGR of #.#% since ####. ... Databook495.0011/24/2008 5:42:57 PM701Personal HygieneFragrancesTurkeyDBCM3467Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3567datamonitoress/DBCM3567pdf...The Turkish Baby Personal Care market volume totaled ##.# million units in ####, representi ng a CAGR of #.#% since ####. ... Databook495.0011/24/2008 5:42:38 PM7Personal HygieneTurkeyDBCM3567Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3517datamonitoress/DBCM3517pdf...The Haircare market consists of Conditioner, Shampoo, Perms & relaxers, Styling agents and Hair colorants. ... Databook495.0011/24/2008 5:42:38 PM702Personal HygieneHaircareTurkeyDBCM3517Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM1886datamonitoress/DBCM1886pdf...The Sauces, dressings and condiments market consists of Dips, Seasonings , Condiment sauces, Dry c ooking sauces, Wet cooking sauces, Pickled pr oducts, Table sauces and Dressings. ... Databook495.0011/24/2008 5:41:55 PM616FoodSauces and DressingsTurkeyDBCM1886Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3595datamonitoress/DBCM3595pdf...The Turkish Hot drinks market is led by Tea (representing ##.#% of total value) followed by Coffee with an #.#% market share. O ther hot drinks accounts for the remaining #.#% share. ... Databook495.0011/24/2008 5:41:05 PM5DrinksTurkeyDBCM3595Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/spcred/685000spcred/685000normThe latest Summary from S&Pglobal11/21/2008 1:21:11 PM175Summary685000TurkeySpecialized FinanceEurope, Middle East, AfricaEmerging MarketsGlobal IssuersFinancial InstitutionsHigh TechnologySummaryThe ratings on Garanti Finansal Kiralama A.S. (Garanti Leasing) reflect the risky operating environment, the small size, limited business and geographic diversification, and weak wholesale funding profile of the company. Offsetting these negative factors are the company's ownership by, and strong expected financial support if needed from, Türkiye Garanti Bankasi A.S. (Garanti; BB-/Negative/--), as well as its leading commercial position in its niche market, good asset quality, and strong management. The long-term rating on Garanti Leasing benefits from an one-notch uplift from its stand-alone credit quality, as Standard&Poor's Ratings Services considers Garanti Leasing to be a strategically important subsidiary of Garanti. Garanti Leasing is the largest leasing company in Turkey. Although small in absolute size, with total assetsTUR40201040 402010 4020 40Garanti Finansal Kiralama A.S.367085EUROMIDAFREMERGING319370Z@TISUMMARYGLOBISSFIHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/685001spcred/685001normThe latest Summary from S&Pglobal11/21/2008 1:21:11 PM175Summary685001TurkeyDiversified BanksEmerging MarketsEurope, Middle East, AfricaGlobal IssuersFinancial InstitutionsSummaryThe ratings on HSBC Bank A.S. (HSBC/T) reflect the high-risk banking and economic environment in the Republic of Turkey (foreign currency BB-/Negative/B; local currency BB/Negative/B), the potential risks linked to the bank's rapid expansion strategy, and expected deterioration in asset quality. These risk factors are partially tempered by the bank's parent support, good financial profile, strong brand name, and business franchise. With total consolidated assets of new Turkish lira (TRY) 14.4 billion ($11.0 billion), HSBC/T ranks among the 10-largest private banks in Turkey with a market share of about 3% in the system's deposits and loans. It targets corporate, commercial, and retail customers, and benefits from belonging to one of the largest banking groups in the world. Wholly owned byTUR40101010 401010 4010 40HSBC Bank A.S.404691EMERGINGEUROMIDAFRSUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Research