...Worsening Credit Profiles: Fitch Ratings calculates that publicly rated Turkish corporate issuers face an average 0.8x increase in gross leverage due to continued Turkish lira depreciation, which could cause some issuers to exceed Fitch negative leverage triggers at end-2015. Fitch bases its forecasts based on a 30% devaluation of the Turkish lira against the US dollar. Food and Beverage Testing Triggers: Fitch expects that food companies will test their negative leverage guidelines in 2015 due to very limited FX revenue streams. Gross leverage may increase by 1.5x on average. Historically, food companies have been able to pass through prices to customers with a time lag. However, Fitch notes that given prior price increases and the challenging economic environment, Yasar Holding A.S. (B/Stable) and Coca-Cola Icecek's (BBB/Stable) ability to push through further price increases could be limited in the short term. Telecoms ¡ Significant Exposure: Turkish telecoms companies have significant...
