trending Market Intelligence /marketintelligence/en/news-insights/trending/fddusvv2whhomflw65uvmq2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Fitch downgrades Lider Faktoring's national long-term rating

TMT: Leading Trends And What To Watch

US Utility Commissioners: A Key Factor In Assessing Regulatory Risk

The Essential Conference 2019 Highlight Reel

Municipal-Run Fiber Tops 280000 Subscribers In 2018


Fitch downgrades Lider Faktoring's national long-term rating

Fitch Ratings on Sept. 29 downgraded ' national long-termrating to A-(tur) from A(tur), with a stable outlook.

At the same time, the agency affirmed the national long-termratings of Turkish factoring companies Kapital Faktoring AS, Destek FaktoringAS, Eko Faktoring AS and Optima Faktoring Hizmeteleri AS.

The downgrade primarily reflects Lider's "significantlyhigher" leverage, with the debt-to-equity ratio reaching 8.4x at the endof the first half. Lider's national long-term rating also considers thecompany's moderate franchise, experienced management and its reasonableperformance.

The national long-term ratings of the five factoringcompanies that collectively controlled 15% of domestic receivables in Turkey'sfactoring sector at the end of the first half are driven by their stand-alonestrength. The ratings of each of the companies reflect their monoline businessmodels, with recourse factoring making up nearly all of the companies' assetsand revenues.

The ratings also factor in the potential instability of thecompanies' balance sheet ratios given the generally short-term nature of theirassets and liabilities, as well as the wholesale-funding reliant debtstructures.