JCR Eurasia Rating has upgraded the ratings of Say Reklamcılık Yapı Dekorasyon Proje Taahhüt San. ve Tic. A.Ş. to ‘A-(Trk)/Stable’ on the Long Term National Scale and affirmed a Long Term International Foreign Currency rating of ‘BBB-/Stable’

JCR Eurasia Rating has evaluated “Say Reklamcılık Yapı Dekorasyon Proje Taahhüt San. ve Tic. A.Ş.” in an investment grade category and upgraded its Long Term National Grade to ‘A-(Trk)/Stable’. Additionally, the Long Term International Foreign Currency and Long Term International Local Currency grades have been affirmed as ‘BBB-/Stable’. Additional ratings are stated in the table below:

Long Term International Foreign Currency


BBB- / (Stable Outlook)

Long Term International Local Currency


BBB- /(Stable Outlook)

Long Term National Local Rating


A- (Trk) / (Stable Outlook)

Short Term International Foreign Currency


A-3 / (Stable Outlook)

Short Term International Local Currency


A-3 / (Stable Outlook)

Short Term National Local Rating


A-1 (Trk) / (Stable Outlook)

Sponsor Support



Stand Alone



Established by the Güldoğan Family in 1989 and operating under the title “Say Reklamcılık Yapı Dekorasyon Proje Taahhüt Sanayi ve Ticaret A.Ş.” (Say Reklam) starting in 2004, the Company provides outdoor advertising services, interior and exterior building decorations and corporate identity conversion services to national and international companies. Following completion of an IPO on June 2013, shares of the firm began trading on the Emerging Companies Market of Borsa Istanbul A.Ş. In addition, the Company met the criteria and its shares began to be traded on the Second National Market of Borsa Istanbul A.Ş. as of December 2014. Moreover, Say Reklam issued a long term corporate bond in 2014.

In order to increase the Company’s penetration in international markets and become a global brand, in 2014 Say Reklam acquired “Imm Network GmbH”, a German project management company founded in 1999 specializing in corporate visual designs. Moreover, in 2015 Say Reklam took over 49.9% shares of another long-established German company “Borsi GmbH & Co. KG.”, which has extensive expertise in producing brand symbols and petroleum-based automotive side products. Through these acquisitions and subsequent expansion of its business scale and diversification of its product range the Company gained extensive know how and competitive strength.

Say Reklam experienced a decrease in total sales in 2014 to levels below the Company’s early projections due to the decision of large scale enterprises to postpone investments regarding the conversion of dealerships and corporate identity implementation in the domestic European market. On the other hand, Say Reklam increased the share of foreign sales in total sales and improved its profitability indicators, supporting its healthy financial status, thanks to cost-advantages achieved through production in Turkey, increasing share of value-added production and extension of a lean production management. Carrying its growth through a balanced funding structure in which equity and internally generated funds occupy a large place, Say Reklam maintains its operations through a diversified and balanced funding structure under favour of benefiting capital market instruments and liquidity facilities. Through increasing customer and supplier base through foreign investments, synergy created by the constituted business model and market opportunities in the EU, Say Reklam managed to significantly increase its sales revenue which increased the visibility of future revenue streams. Additionally, organizational improvement through increasing compliance with corporate governance principles and expanding foreign operations which remediate the competition environment and reduce the Company’s exposure to risks inherent in the Turkish market are considered to be other notable factors supporting the upgrade of the Company’s credit rating.

It is considered that the Company’s qualified shareholder, the Güldoğan Family, possesses the necessary financial strength and willingness to supply long-term liquidity and equity and efficient operational support to the Company should such a need arise. In this regard, the Company’s Sponsor Support grade has been determined as (2) in JCR Eurasia Rating’s notation scale.

On the other hand, taking into consideration the Company’s foreign investments which expanded its presence on the an international scale, reputable and wide customer base, organizational improvement and ongoing project volume, JCR Eurasia Rating has reached the opinion that the Company has attained a level of infrastructure to manage its obligations regardless of any assistance that may be provided by the shareholders. Within this context, the Company’s Stand Alone grade has been determined as (B) in JCR Eurasia Rating’s notation scale.

For more information related to the rating results you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Abdurrahman TUTĞAÇ.


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