Page 79 - TURKRptAug20

according to TAV.
“We have made the necessary applications to the aviation authorities in each country that we operate for all of our airports to be compensated for our losses of revenue based on the ‘pandemic’ clauses of Force Majeure definitions in our contracts,” said Sani Sener, TAV’s CEO. ,
Depending on the content of each contract, this compensation could be in the form of time extensions, rent postponements or other methods to compensate TAV’s losses, he added.
The Slovenian subsidiary of Turkish cargo operator MNG Airlines, Solinair, is ​interested​ in setting up a flag air carrier in Slovenia​, following last year’s bankruptcy of Adria Airways.
9.2.3 ​Construction & Real estate corporate news
Enka Insaat, one of Turkey’s largest construction companies, has signed an agreement to build a 858 MW natural gas fired combined cycle power plant on a turnkey basis in Tatarstan.
“The contract amount is RUB25.6bn (around $360mn) and the power plant is expected to be operative in December 2023,” Enka said in a filing with Borsa Istanbul.
The company has completed or is currently developing nearly 540 projects in 46 countries with a total value of $50bn, according to the information on Enka’s website.
In the first quarter of 2020, Enka Group posted a net loss of $115mn while its revenues stood at $469mn.
9.2.4​ Agriculture corporate news
Sunrise Foods produces and sells organic and conventional grain and feed​. Tiryaki Agro is the leading Turkish corporate in trading of agricultural commodities with activities in Turkey and the wider region, including the CIS, MENA and North American countries.
Fitch Ratings has upgraded Coca-Cola Icecek's (CCI) long-term Foreign Currency (FC) Issuer Default Rating (IDR) to 'BBB-', the lowest investment grade​, from 'BB', two notches below investment grade, according to a ​statement​ by the rating agency. The outlook is Stable.
The FC IDR upgrade follows Fitch's change of the applicable country ceiling for CCI from Turkey's (BB-) to that of Kazakhstan (BBB+), where CCI generates sufficient cash flows to cover the group's hard-currency interest expenses.
In June, Fitch affirmed the long-term FC IDR of Turkish beer and malt producer Anadolu Efes at 'BBB-', with a stable outlook.
Turkish conglomerate AG Anadolu Group Holding (AGHOL) controls Anadolu Efes (AEFES), supermarket chain Migros (MGROS), Coca Cola Icecek (CCOLA) and carmaker Anadolu Isuzu (ASUZU).
Moody’s Investors Service rates both CCI and Anadolu Efes at B1/Negative, four notches below investment grade, in parallel with Turkey’s sovereign rating, while Standard and Poor’s sees Anadolu Efes at BBB-/Stable, the lowest investment grade.
79​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com