TürkTraktör’s Long-Term National Issuer Credit Rating Once Again At the Highest Level

TürkTraktör’s Long-Term National Issuer Credit Rating Once Again At the Highest Level

TürkTraktör, the first manufacturer in the Turkish automotive industry, was granted the highest rating of AAA (Trk) on the Long-Term National Issuer Credit Rating scale by the international credit rating agency JCR Eurasia Rating. TürkTraktör once again proved its financial strength by getting the highest grade of AAA(tr) this year as well.
 
The rating agency attributes the award of their highest rating to Türk Traktör’s ability to “grow revenue and EBITDA generation”, “increasing equity level”, and “maintaining a liquid financial structure”.
 
TürkTraktör’s CFO Federico Pamfili said: “We are thrilled to receive for the second year in a row this important credit rating which confirms our ability to provide excellent value to our shareholders via superior financial results and dividend payments while keeping a very lean balance sheet.“. Federico Pamfili also added: “We plan to complete 2022 with a record in export volumes and are proud to realize more than 85% of the total tractor exports of our country alone. We will continue to expand our product range, production  volumes, and investments to support an even greater growth in the future.”
 
According to the evaluations of JCR Eurasia Rating, TürkTraktör received a Short-Term National Issuer Credit Rating of “J1+ (tr)”, while the outlook of the Company was evaluated as “Stable”.
 
About JCR Eurasia Rating
 
JCR-ER is an international credit rating agency established in Tokyo, authorized by the Japanese FSA (Financial Services Agency) and recognized by the US SEC (Securities and Exchange Commission). It is also an institution authorized by ESMA (European Securities and Markets Authority).
 
JCR-ER’s rating services cover a wide range of financial products, such as medium- and long-term bonds, senior debts, and commercial bills.