On March 31, 2023, we revised the outlook on Turkiye to negative from stable on intensifying external, monetary, fiscal, and banking system pressures. Being a small renewables electricity generator with 100% of domestic sales in Turkiye, Aydem Renewables is fully exposed to the local economic, banking, and regulatory risks. That said, the company has benefited from the U.S. dollar-linked supportive feed-in tariff, YEKDEM–which covered about 80% of its revenue in 2022--as well as from adequate liquidity, with no debt maturities over the next 12 months. We revised the outlook on Aydem Renewables to negative from stable, and affirmed our 'B' ratings on the company and its debt. The negative outlook reflects that on the sovereign since we don't expect to
