Summary: OYAK (Ordu Yardimlasma Kurumu)

2045 word report published Dec 29, 2011

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Abstract:

The ratings on Turkey-based pension fund Ordu Yardimlasma Kurumu (OYAK) reflect Standard&Poor's Ratings Services' assessment of its large and diverse portfolio of long-term strategic investments and its good track record of profitability. The ratings are also supported by OYAK's strong liquidity position, as reflected in a consistently deep net cash position. The ratings are constrained, however, by the fund's heavy exposure to the Turkish economy and associated country risks, given that OYAK's equity portfolio is almost fully invested in Turkish entities; a relatively weak equity portfolio liquidity profile (excluding cash); and sub-investment grade equity portfolio asset quality. Our 'BB+' long-term rating on OYAK is higher than our 'BB' long-term foreign currency rating, but lower than the 'BBB-' transfer

Brief Excerpt:

RESEARCH Ratings Definitions PDF Summary: OYAK (Ordu Yardimlasma Kurumu) Publication date: 29-Dec-2011 Primary Credit Analyst: Yuval Torbati, Tel Aviv (972) 3-753-9714; yuval_torbati@standardandpoors.com Secondary Contact: Itzik...

Report Type:

Summary

Ticker:

1016Z@TI

Issuer:

OYAK (Ordu Yardimlasma Kurumu)

Sector:

Global Issuers

Country:

Turkey

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

Also from S&P Credit Research

OYAK (Ordu Yardimlasma Kurumu) $400.00
Solid pension fund liquidity and low gearing. Conservative long-term financial management. Large-scale, and broadly diverse, equity holdings. Good track record of profitability. Concentration on the Turkish economy and high exposure to domestic ...
Summary: OYAK (Ordu Yardimlasma Kurumu) $175.00
The ratings on Turkey-based pension fund Ordu Yardimlasma Kurumu (OYAK) reflect Standard&Poor's Ratings Services' assessment of its large and diverse portfolio of long-term strategic investments and its good track record of profitability. The ...
Summary: OYAK (Ordu Yardimlasma Kurumu) $175.00
The ratings on Turkey-based pension fund Ordu Yardimlasma Kurumu (OYAK) reflect Standard&Poor's Ratings Services' view of its large and diverse portfolio of long-term strategic investments and track record of profitability. Further support ...
OYAK (Ordu Yardimlasma Kurumu) $400.00
Large scale, and broadly diverse equity holdings. Solid pension fund liquidity. Good track record of profitability. Conservative financial management. Concentration on the Turkish economy and high exposure to domestic country risks. Uncertainty ...
Summary: OYAK (Ordu Yardimlasma Kurumu) $175.00
The ratings on Turkey-based pension fund Ordu Yardimlasma Kurumu (OYAK) reflect Standard&Poor's Ratings Services' view of its large and diverse portfolio of long-term strategic investments and track record of profitability. Further support ...
Turkish Pension Fund OYAK Upgraded To 'BB+' On Review; Outlook Stable $100.00
The credit metrics of Turkish pension fund OYAK remain satisfactory and its business risk profile stable. However, the sovereign rating on Turkey, which acts as a constraining factor on our rating on OYAK, has improved. We are therefore raising ...
Research Update: Turkish Pension Fund OYAK Upgraded To 'BB+' On Review; Outlook Stable $175.00
The credit metrics of Turkish pension fund OYAK remain satisfactory and its business risk profile stable. However, the sovereign rating on Turkey, which acts as a constraining factor on our rating on OYAK, has improved. We are therefore raising ...
OYAK (Ordu Yardimlasma Kurumu) $400.00
Large-scale, broad diversity in equity holdings Solid pension fund liquidity Good track record of profitability Concentration on the Turkish economy and high exposure to domestic country risks Some uncertainty regarding future debt leverage ...

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