JCR Eurasia Rating has assigned a high investment grade credit rating of ‘A- (Trk)’ on the Long Term National Scale along with a ‘Stable’ outlook to “Global Liman İşletmeleri A.Ş. JCR Eurasia has assessed the Long Term International Foreign Currency rating as ‘BB+’. Other notes and details of the ratings are given in the table below:
Long Term International Foreign Currency : BB+ / (Stable Outlook)
Long Term International Local Currency : BB / (Stable Outlook)
Long Term National Local Rating : A- (Trk) / (Stable Outlook)
Short Term International Foreign Currency : B / (Stable Outlook)
Short Term International Local Currency : B / (Stable Outlook)
Short Term National Local Rating : A-1+ (Trk) / (Stable Outlook)
Sponsor Support : 3
Stand Alone : B
Global Liman işletmeleri A.Ş. (GLI), which conducts cruise port business in Kuşadası, Bodrum and commercial & cruise port business in Antalya, is one of the leading players in the sector providing service to cruise ships and their passengers. GLI is a subsidiary of Global Yatırım Holding, which has been rated as BBB- by JCR-Eurasia Rating. GLI, with its activities, monopolistic ports as of geographic location and capacities for generating increasing income, attracts domestic and foreign investors. The fact that a 22.11% share of the company has been purchased by the İtalian Savina Holding GmbH at the price of 1.3 times the book value of the company is an indication of the positive perception of investors regarding the cash inflow which will be generated by the Company in the future.
Internal profit ratios showing an increasing trend and fund resources generated from long term bank loans mainly from the organized markets reduce the risk of credit renewals and seriously facilitate the liquidity management. The fact that both receivables and troubled receivables in total assets are extremely low and there are provisions for all impaired receivables make a positive contribution to the continuity of the high asset quality of the Company. On the other hand, that the cost of service sales increased more than revenue growth exerted pressure on the profitability of the Company. The positive valuation differences of tangible assets, which has an important places in the equities, does not reduce the effect on foreign resources, which is needed by the Company, and does not contribute to the liquidity position.
Considering the Company’s business and shareholder structure, internal fund generating capacity, balance sheet composition, market penetration, growth potential, increasing interest of foreign institutions and foreign currency revenue generating capacity, the Company’s long-term international foreign currency grade has been confirmed as BB+, over Turkey’s Country ceiling.
The level of the shareholders’ willingness to provide support to the Company and their financial strengths has been assessed as (3) in the Sponsor Support category and the Company’s ability to administer the risks undertaken on its own resources as (B) in the Stand-Alone category. The notes in these categories indicate a “sufficient level” based on JCR Eurasia’s notation system.
For more information regarding the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Sevket GULEC
JCR EURASIA RATING