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considering introducing a delay to its planned IPO due to the coronavirus (COVID-19) outbreak.
In more small cap news, Istanbul-listed diagnostic kit maker RTA Laboratories (RTALB) recently filed notifications to the public disclosure platform (KAP) on obtaining approval for its coronavirus test kits from the US Food and Drug Administration (FDA).
For market oddities, Turkey’s bourse takes some beating but the US has lately been bending the minds of anyone who thought they had a grip on sound equity market theory. The story of New York-listed car rental company Hertz (HTZ) is a cracker, demonstrating that nobody knows what’s next round the corner.
Hertz on May 22 filed for bankruptcy—and its share price boomed. Things got stranger when a bankruptcy judge on June 13 granted permission to the company’s debtors to hold a secondary public offering (SPO).
On June 18, Hertz dropped the plans for the SPO. But we’ve entered The Twilight Zone. If the Hertz CEO takes the New York Subway, expect a tunnel or two to vanish.
8.4 ​International ratings
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Jul-20
Bond rating: Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3 (N)
B1 (N)
B1 (N)
B1 (N)
B1 (N)
Bond rating: Fitch
BBB- (S)
BB (N)
BB (N)
BB (N)
BB- (N)
BB- (S)
BB- (S)
Bond rating: S&P
BB- (S)
BB- (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
Moody’s Investor Services previously scheduled a Turkey sovereign rating review for June 5 but that date saw it again put it off to another day. In its latest rating action for Turkey, in June last year, Moody’s issued a downgrade to B1, four notches below investment grade, with a negative outlook.
52​ TURKEY Country Report​ July 2020 ​ ​www.intellinews.com