Turkey-Based Glass Manufacturer Sisecam Assigned ‘BB+/B’ Ratings; Outlook Stable

Date: 29 April 2013

- Turkey-based glass producer Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam) benefits from leading market positions in Turkey and growing geographic diversification.

Sisecam has ambitious international expansion plans that will be supported by increased capital expenditure (capex).

- We assess the group's financial risk profile as "intermediate" and its business risk profile as "fair."

- We are assigning our 'BB+' long-term local and foreign currency ratings and 'B' short-term global scale rating to Sisecam.

- At the same time, we are assigning our 'BB+' issue rating to Sisecam's $500 million (about Turkish lira [TRY] 895 million) proposed unsecured notes.

- The stable outlook reflects our view that Sisecam's leading market positions in Turkey and its ambitious global expansion plans, including heavy capex, will support credit metrics commensurate with the ratings over the next 12-24 months.

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