Page 59 - TURKRptJul19

KRDMD
557
205
0.13
0.11
26-Jun
5.62
KRDMA
172
63
0.13
0.11
27-Nov
5.93
KRDMB
85
31
0.13
0.11
27-Nov
5.90
KRDMD
205
0.13
0.11
27-Nov
5.62
PETKM
872
462
28
-
0.00
0.00
-
0.00
source: seker invest
Top Turkish retailer BIM pays TRY1.02 net cash dividend per share on June 12. Turkey’s largest retailer BIM will issue a total of TRY304mn worth of bonus shares and distribute TRY729mn worth of cash dividends from its 2018 profit, according to an approval given by the company’s general assembly on May 21. The total gross amount to be distributed as bonus shares and cash dividends from 2018 profit equals TRY1.03bn, or 83% of BIM’s TRY1.25bn net profit. TRY2.4 worth of gross dividend per share and TRY2.04 worth of net dividend per share will be distributed. The dividend yield equals 2.99%, according to Seker Invest’s calculations. Cash dividends will be paid in two equal instalments and TRY1.2 per share in gross worth of the first payment delivered on June 12. The second gross dividend payment worth TRY1.2 per share will be delivered on November 18, the company said on May 21 in a bourse filing. 100% bonus shares per share will be issued. As a result, the company’s paid-in capital will rise to TRY607.2mn from TRY303.6mn, the company said on May 21 in a bourse filing. In 2014, BIM pledged to distribute a minimum 30% of its distributable profits in upcoming years. BIM’s average cash dividend yield for the 9-year period between 2010 and 2017 stands at 1.61%, according to Seker’s calculations.
8.4 International ratings
8.4.1 International ratings - specific details of rating actions corp/regional etc
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Bond rating: Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3 (N)
B1 (N)
B1 (N)
Bond rating: Fitch
BBB- (S)
BB (N)
BB (N)
BB (N)
BB (N)
Bond rating: S&P
BB- (S)
BB- (S)
B+ (S)
B+ (S)
B+ (S)
Fitch Ratings places Turkey at BB/Negative, three notches below investment grade, together with Guatemala and Vietnam. Moody’s Rating Services rates Turkey at B1/Negative, four notches below investment grade, together with Sri Lanka and Bahrain, while Standard & Poor’s rates Turkey at B+/Stable, four notches below investment grade, together with Kenya, Fiji and Senegal.
Moody’s cuts Turkey deeper into junk. In a surprise move, Moody's Investors Service has downgraded Turkey's long-term issuer ratings to B1 from Ba3. The rating agency announced its decision on June 14 after the market close. Moody’s also said it has maintained Turkey's negative outlook. “The balance of risk is firmly tilted to the downside,” it said. The timing of Moody’s’ announcement was unexpected since it was not scheduled to issue a rating review.
Moody's said the downgrade reflected its view that the risk of another Turkish balance of payments crisis, following on from the turmoil seen last summer, continued to rise, and with it the risk of a government default. “The B1 rating balances these risks against the country's fundamental
59 TURKEY Country Report July 2019 www.intellinews.com