International credit rating agency S&P Global Ratings (Standard & Poor's Ratings Services) has announced that it has revised its outlook on Turkey’s largest integrated steelmaker Erdemir Group to stable from negative and affirmed its 'BB' long-term corporate credit rating.
S&P stated that the affirmation and outlook revision follow its revision of the outlook on its sovereign rating for Turkey to stable from negative. According to the credit rating agency, although its economic growth projections for Turkey have marginally worsened by 0.2 percent in the current year and 2017, largely in relation to the decline in economic activity following the attempted coup, it does not see this as having a material negative impact on Erdemir's operating performance. S&P also stated that Erdemir continues to benefit from the Turkish flat steel industry's supportive supply and demand balance, as well as the company's high capacity utilization rates and a leading domestic market position.