Moody's downgraded the corporate family rating of Ronesans Gayrimenkul Yatirim AS to B2 from B1.
The rating agency also lowered the Turkish retail property company's senior unsecured notes due 2023 to B2 from B1.
Moody's attributed the downgrade to vulnerability of the company's credit profile to heightened currency risks. The rating agency also noted the limited capacity of Ronesans' tenants to absorb rent escalations amid fragile sales growth.
The outlook is negative, reflecting uncertainty surrounding Turkey's operating and funding environment over the next 12 to 18 months, according to Moody's.
