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         The rating actions followed the revision of the outlook on Turkey's Long-Term Issuer Default Ratings (IDRs) to ‘Negative’ from ‘Stable’ on August 21.
The issuers' strong exposure to the Turkish economy means their Foreign-Currency IDRs are influenced by the Turkish Country Ceiling, which stands at ‘BB-’, Fitch said.
Fitch ​affirmed​ government-run real estate developer Emlak REIT and glassmaker Sisecam at ‘BB-’, three notches below investment grade, while also affirming durable households appliances maker Arcelik and local conglomerate Oyak​ (Turkish Armed Forces Assistance and Pension Fund) at ‘BB’, two notches below investment grade. All outlooks were cut to Negative from Stable.
On August 28, Fitch ​said​ in a separate statement that it had revised the outlook on Driver Turkey Master's notes to ‘Negative’​ from ‘Stable’. It cited the same reasoning it applied to the telecom companies.
Fitch ​continued​ with its downgrading of outlooks on Turkish entities with banks​.
On September 3, Fitch ​revised​ Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) outlook to ‘Negative’​ from ‘Stable’ and affirmed the company's Insurer Financial Strength (IFS) Rating at 'BB'. Anadolu was the largest non-life insurer in Turkey by premium income at end-June, with a market share of around 12%.
On September 4, ​Fitch r​ evised​ its outlooks on the metropolitan municipalities of Istanbul, Izmir, Bursa, Antalya, Manisa and Mersin to ‘Negative’​ from ‘Stable’. All the entities are rated at BB-.
      6.4 ​Fixed income
    Upcoming eurobond redemptions by major Turkish issuers
     Issuer
   ISIN
   Coupon
   Volume (mn)
   Issuance
   Maturity
  Refinanced
     Treasury
    JP579200AHQ2
    1.810%
    JPY60bn
    Dec 1, 2017
    Dec 7, 2020
   -
 Eximbank
     XS1345632811
      5.375%
      $500
      Feb 8, 2016
      Feb 8, 2021
     -
     Halkbank
 XS1188073081
 4.750%
 $500
  Feb 11, 2021
 -
     Treasury
    JP579200ABF8
    1.870%
    JPY180bn
    Mar 11, 2011
    Mar 18, 2021
   -
 Treasury
     US900123BH29
      5.625%
      $2,000
      2010
      Mar 30, 2021
     -
     Garanti
 USM8931TAA71
 6.250%
 $500
  Apr 20, 2021
  Ziraat
     XS1223394914
      4.750%
      $500
      Apr, 2016
      Apr 29, 2021
     -
     Vakifbank
XS1403416222
 2.375%
    €500
  May 4, 2021
 -
     TSKB
    XS1412393172
    4.875%
    $300
      May 18, 2016
    May 18, 2021
   -
 Treasury
     XS1303467077
      4.251%
    $1,000
      Jun 1, 2016
      Jun 8, 2021
     -
     Isbank
 XS1079527211
 5.000%
 $750
 Jun 25, 2014
 Jun 25, 2021
 -
     Halkbank
    XS1439838548
    5.000%
    $500
        Jul 13, 2021
   -
     Arcelik
    XS1109959467
    3.875%
    €350
        Sep 16, 2021
   -
 Eximbank
     XS1028943089
      5.000%
      $500
      Sep 23, 2014
      Sep 23, 2021
     -
     Isbank
 XS1390320981
 5.375%
 $750
  Oct 6, 2021
 -
     Vakifbank
    XS1508914691
    5.500%
    $500
        Oct 27, 2021
   -
     Kuveyt Turk
    XS1505149325
    5.136%
    $500
        Nov 2, 2021
   -
 Treasury
    XS0993155398
     4.350%
     €1,250
     Nov 5, 2013
     Nov 12, 2021
    -
                    38​ TURKEY Country Report​ October 2020 ​ ​www.intellinews.com
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