TürkTraktör Reaffirms Confidence with AAA Level Long-Term Credit Rating
International credit rating agency JCR Eurasia Rating announced TürkTraktör's Long-Term National Corporate Credit Rating. Receiving the highest level AAA (tr) rating for the third consecutive time, TürkTraktör maintained its financial stability. In its evaluation, JCR Eurasia stated that TürkTraktör received the highest credit rating due to its "improvement in turnover, profitability and cash flow metrics", "satisfactory equity level" and "strong asset quality supported by a liquid position".Stating that TürkTraktör, one of the most established manufacturing companies in Türkiye with a history of nearly 70 years, is making strong financial progress, TürkTraktör Chief Financial Officer Federico Pamfili said, "We are poised to end 2023, in which we set new production and export records, on a high note with impressive financial results. We are proud to receive the highest credit rating of AAA(tr) once again by JCR Eurasia Rating, due to our ability to improve turnover, profitability and cash flow, our equity level and liquid financial structure, which reflect the sound financial health of our company. With the responsibility of 17 years of unwavering leadership in the Turkish tractor market, we will continue to increase our investments and provide world-class products and services to achieve a more efficient and sustainable future."
TürkTraktör's Short-Term National Corporate Credit Rating was determined as 'J1+ (tr)' and its outlook as Stable by JCR Eurasia Rating.
About JCR Eurasia Rating
Tokyo-based JCR-ER is an international credit rating agency 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.